Chicago, Nov. 1 – NYL Investors LLC sold $510.5 million in a collateralized loan obligation being issued by Flatiron CLO 21 Ltd., according to a news release.
The notes will mature on July 19, 2034.
The CLO consists of $1.5 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $307.5 million of class A-1 senior secured floating-rate notes at Libor plus 111 bps, $12.5 million of class A-2 senior secured floating-rate notes at Libor plus 135 bps, $59.8 million of class B senior secured floating-rate notes at Libor plus 160 bps, $24.8 million of class C senior secured deferrable floating-rate notes at Libor plus 185 bps, $31.2 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps, $24.2 million of class E senior secured deferrable floating-rate notes at Libor plus 600 bps and $49 million of subordinated notes.
NYL Investors LLC will manage the collateral through the end of the five-year reinvestment period.
Collateral comes from senior secured corporate loans.
Credit Suisse Securities (USA) LLC was the placement agent.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
| Issuer: | Flatiron CLO 21 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $510.5 million
|
| Maturity: | July 19, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | NYL Investors LLC
|
| Settlement date: | June 30
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $59.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $24.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $31.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $24.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $49 million
|
| Securities: | Subordinated notes
|
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