New York Life Investment Management offers $409.75 Flatiron CLO 2013-1

By Cristal Cody

Tupelo, Miss., Nov. 1 - New York Life Investment Management LLC intends to sell $409.75 million of notes due January 2026 in a CLO deal, according to informed market sources.

The Flatiron CLO 2013-1 Ltd./Flatiron CLO 2013-1 LLC offering is expected to include $250.75 million of class A-1 notes (Aaa//AAA); $55.75 million of class A-2 notes (Aa2//AA); $17 million of class B notes (A2); $25 million of class C notes (Baa3); $18 million of class D notes (Ba3); $12 million of class E notes (B2) and $31.25 million of subordinated notes.

Merrill Lynch, Pierce, Fenner & Smith Inc. will arrange the transaction.

The CLO is structured to have a two-year non-call period and a four-year reinvestment period.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.

A portion of the proceeds will be used to repay parties that provided interim financing and to purchase assets to reach a target portfolio of about $400 million of leveraged loans.

New York Life Investment Management, a subsidiary of New York Life Insurance Co., will manage the CLO.

The deal is expected to close in December.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.