By Cristal Cody
Tupelo, Miss., April 5 – NewStar Financial, Inc. sold $380 million of notes due Oct. 25, 2028 in a refinancing of a vintage 2016 middle-market collateralized loan obligation transaction, according to a market source and a notice of proposed supplemental indenture on Thursday.
The NewStar Berkeley Fund CLO LLC offering included class A-R, class B-R, class C-R and class D-R floating-rate notes.
The class A-R notes had a weighted average spread of Libor plus 160 basis points.
Final pricing details were not immediately available.
The refinanced CLO has a one-year non-call period and a two-year reinvestment period.
In the original $505.5 million NewStar Berkeley Fund CLO 2016-1 transaction issued Nov. 29, 2016, the CLO priced $290 million of class A floating-rate notes at Libor plus 210 bps; $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.
Proceeds will be used to redeem the outstanding notes.
Boston-based NewStar Financial is a middle-market asset management firm.
| Issuer: | NewStar Berkeley Fund CLO LLC
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| Amount: | $380 million
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| Maturity: | Oct. 25, 2028
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Manager: | NewStar Financial, Inc.
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| Spread: | Weighted average spread of Libor plus 160 bps
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| Call feature: | One year
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| Pricing date: | March 29
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