By Cristal Cody
Eureka Springs, Ark., Oct. 3 – New York Life Investment Management LLC refinanced $349.5 million of notes due Oct. 25, 2024 in the Flatiron 2012-1 CLO Ltd./Flatiron CLO 2012-1 LLC transaction, according to a market source.
The CLO sold $267.5 million of class A-1R senior secured floating-rate notes at Libor plus 121 basis points; $28 million of class A-2R senior secured floating-rate notes at Libor plus 170 bps; $36 million of class B-R senior secured deferrable floating-rate notes at Libor plus 250 bps and $18 million of class C-R senior secured deferrable floating-rate notes at Libor plus 390 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
New York Life Investment Management manages the CLO.
The subsidiary of mutual life insurance company New York Life Insurance Co. was previously in the CLO primary market in 2013.
| Issuer: | Flatiron 2012-1 CLO Ltd./Flatiron CLO 2012-1 LLC
|
| Amount: | $349.5 million
|
| Maturity: | Oct. 25, 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | New York Life Investment Management LLC
|
| Pricing date: | Sept. 29
|
|
|
| Class A-1R notes
|
| Amount: | $267.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA expected
|
|
|
| Class A-2R notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class B-R notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A expected
|
|
|
| Class C-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB expected
|
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