By Cristal Cody
Tupelo, Miss., Oct. 16 – NYL Investors LLC priced $404,475,000 of notes due Nov. 20, 2033 in a broadly syndicated collateralized loan obligation transaction, according to market sources.
Flatiron CLO 20 Ltd./Flatiron CLO 20 LLC sold $252 million of class A floating-rate notes at Libor plus 130 basis points, $52 million of class B floating-rate notes at Libor plus 175 bps, $24 million of class C floating-rate notes at Libor plus 245 bps, $24 million of class D floating-rate notes at Libor plus 379 bps, $14 million of class E floating-rate notes at Libor plus 785 bps and $38,475,000 of subordinated notes.
Jefferies LLC arranged the offering.
The issue has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
Issuer: | Flatiron CLO 20 Ltd./Flatiron CLO 20 LLC
|
Amount: | $404,475,000
|
Maturity: | Nov. 20, 2033
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | Jefferies LLC
|
Manager: | NY Investors LLC
|
Call feature: | Two years
|
Pricing date: | Oct. 1
|
Settlement date: | Nov. 10
|
|
Class A notes
|
Amount: | $252 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 130 bps
|
Ratings: | Fitch: AAA
|
|
Class B notes
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Amount: | $52 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 175 bps
|
Ratings: | Non-rated
|
|
Class C notes
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Amount: | $24 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 245 bps
|
Ratings: | Non-rated
|
|
Class D notes
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Amount: | $24 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 379 bps
|
Ratings: | Non-rated
|
|
Class E notes
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Amount: | $14 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 785 bps
|
Ratings: | Non-rated
|
|
Equity
|
Amount: | $38,475,000
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
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