By Cristal Cody
Tupelo, Miss., March 16 – Napier Park Global Capital LLC priced $406.3 million of notes due Oct. 26, 2026 at par in a refinancing of a vintage 2014 collateralized loan obligation offering, according to a market source.
Regatta V Funding Ltd./Regatta V Funding LLC sold $227 million of class A-1A-R floating-rate notes at Libor plus 116 basis points; $95.5 million of class A-1B-R floating-rate notes at Libor plus 116 bps; $20 million of class A-2A-R floating-rate notes at Libor plus 160 bps; $20 million of class A-B1-R floating-rate notes at Libor plus 155 bps; $17.8 million of class A-B2-R floating-rate notes at Libor plus 160 bps and $26 million of class B-R floating-rate notes at Libor plus 230 bps.
Citigroup Global Markets Inc. was the refinancing agent.
Napier Park Global Capital will continue to manage the CLO.
Proceeds from the offering will be used to redeem the original notes.
Napier Park Global Capital is a New York-based asset management firm.
| Issuer: | Regatta V Funding Ltd./Regatta V Funding LLC
|
| Amount: | $406.3 million
|
| Maturity: | Oct. 26, 2026
|
| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Napier Park Global Capital LLC
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| Pricing date: | March 9
|
|
|
| Class A-1A-R notes
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| Amount: | $227 million
|
| Coupon: | Libor plus 116 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
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| Amount: | $95.5 million
|
| Coupon: | Libor plus 116 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2A-R notes
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| Amount: | $20 million
|
| Coupon: | Libor plus 160 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class A-B1-R notes
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| Amount: | $20 million
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa1 expected
|
|
|
| Class A-B2-R notes
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| Amount: | $17.8 million
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| Coupon: | Libor plus 160 bps
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| Price: | Par
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| Ratings: | Moody’s: Aa3 expected
|
|
|
| Class B-R notes
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| Amount: | $26 million
|
| Coupon: | Libor plus 230 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2 expected
|
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