By Cristal Cody
Eureka Springs, Ark., Oct. 25 – NewStar Financial, Inc. sold $505.5 million of notes in a middle-market collateralized loan obligation transaction, according to details from a market source.
NewStar Berkeley Fund CLO 2016-1 priced $290 million of class A floating-rate notes at Libor plus 210 basis points; $51.25 million of class B floating-rate notes at Libor plus 290 bps; $31.25 million of class C floating-rate notes at Libor plus 395 bps; $35 million of class D floating-rate notes at Libor plus 510 bps; $40.6 million of class E floating-rate notes at Libor plus 775 bps and $57.4 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Boston-based NewStar has priced two middle-market CLO deals year to date.
NewStar brought three middle-market CLOs to market in 2015.
| Issuer: | NewStar Berkeley Fund CLO 2016-1
|
| Amount: | $505.5 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | NewStar Financial, Inc.
|
| Pricing date: | Oct. 19
|
|
|
| Class A notes
|
| Amount: | $290 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $51.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $31.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $40.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $57.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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