By Cristal Cody
Tupelo, Miss., Aug. 22 - NewStar Financial, Inc.'s previously reported $400 million collateralized loan obligation offering of notes due Sept. 11, 2023 priced at spreads from Libor plus 165 basis points to Libor plus 675 bps, according to a market source.
NewStar Commercial Loan Funding 2013-1 LLC sold $202.6 million of class A-T senior secured floating-rate notes (Aaa) at Libor plus 165 bps and $35 million of class A-R senior secured floating-rate notes (Aaa) at Libor plus 215 bps at the top of the capital structure.
The CLO also priced $38 million of class B senior secured floating-rate notes at Libor plus 230 bps; $36 million of class C secured deferrable floating-rate notes at Libor plus 380 bps; $21 million of class D secured deferrable floating-rate notes at Libor plus 455 bps; $6 million of class E secured deferrable floating-rate notes at Libor plus 530 bps; $17.4 million of class F secured deferrable floating-rate notes at Libor plus 550 bps; $15.2 million of class G secured deferrable floating-rate notes at Libor plus 675 bps and $28.8 million in the equity tranche.
Natixis Securities Americas LLC was the placement agent.
NewStar Financial will manage the CLO, which is backed primarily by first-lien senior secured small and medium enterprise and broadly syndicated loans.
The CLO has a two-year non-call period and a three-year reinvestment period.
NewStar Financial is a Boston-based finance company.
| Issuer: | NewStar Commercial Loan Funding 2013-1 LLC
|
| Amount: | $400 million
|
| Maturity: | Sept. 11, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | NewStar Financial, Inc.
|
| Call feature: | September 2015
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 11
|
|
|
| Class A-T notes
|
| Amount: | $202.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
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| Amount: | $36 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 455 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Class G notes
|
| Amount: | $15.2 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $28.8 million
|
| Ratings: | Non-rated
|
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