By Cristal Cody
Tupelo, Miss., March 17 - Napier Park Global Capital LLC priced the $492.36 million Regatta III Funding LP/Regatta III Funding LLC collateralized loan obligation transaction, according to an informed source.
The CLO priced $244.5 million of class A-1A floating-rate notes at Libor plus 152 basis points, $50 million of class A-1 floating-rate loans at Libor plus 147 bps, $59.38 million of class A-2 floating-rate notes at Libor plus 210 bps, $30.88 million of class B floating-rate notes at Libor plus 285 bps, $26.13 million of class C floating-rate notes at Libor plus 345 bps, $26.13 million of class D floating-rate notes at Libor plus 490 bps and $10.69 million of class E floating-rate notes at Libor plus 550 bps.
The deal included $44.65 million of subordinated notes in the equity tranche.
Citigroup Global Markets Inc. arranged the offering.
Napier Park Global Capital will manage the arbitrage cash flow CLO.
The notes and series A-1 loans are due April 15, 2026.
The CLO will have a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of about $475 million of leveraged loans.
The firm priced the $371 million Regatta II Funding LP/Regatta II Funding LLC transaction in February 2013.
Napier Park Global Capital is an alternative asset manager based in New York City.
| Issuer: | Regatta III Funding LP/Regatta III Funding LLC
|
| Amount: | $492.36 million
|
| Maturity: | April 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Napier Park Global Capital LLC
|
| Pricing date: | Feb. 25
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $244.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody's: Expected Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $50 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | Moody's: Expected Aa2
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $59.38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: Expected Aa2
|
|
|
| Class B notes
|
| Amount: | $30.88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody's: Expected A2
|
|
|
| Class C notes
|
| Amount: | $26.13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody's: Expected Baa3
|
|
|
| Class D notes
|
| Amount: | $26.13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Moody's: Expected Ba3
|
|
|
| Class E notes
|
| Amount: | $10.69 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody's: Expected B2
|
|
|
| Equity tranche
|
| Amount: | $44.65 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
