By Cristal Cody
Tupelo, Miss., Feb. 20 – NYL Investors LLC priced a $415 million collateralized loan obligation offering, according to a market source.
Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC sold $3 million of class X floating-rate notes at Libor plus 100 basis points; $255 million of class A floating-rate notes at Libor plus 140 bps; $47 million of class B floating-rate notes at Libor plus 215 bps; $20 million of class C floating-rate notes at Libor plus 320 bps; $24 million of class D floating-rate notes at Libor plus 345 bps; $22 million of class E floating-rate notes at Libor plus 470 bps; $8.5 million of class F floating-rate notes at Libor plus 550 bps and $35.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the transaction.
NYL Investors will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are due April 15, 2027.
The deal is backed primarily by senior secured corporate loans.
Proceeds will be used to purchase assets to reach a target portfolio of about $400 million of mostly senior secured leveraged loans.
The New York Life Insurance Co. affiliate brought one CLO deal in 2014.
| Issuer: | Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC
|
| Amount: | $415 million
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | NYL Investors LLC
|
| Call feature: | Two years
|
| Settlement date: | March 25
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $255 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $47 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $8.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $35.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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