By Cristal Cody
Tupelo, Miss., Feb. 15 – New York Life Investment Management LLC refinanced $322.5 million of notes due July 17, 2026 at par in the Flatiron CLO 2014-1 Ltd./Flatiron CLO 2014-1 LLC transaction, according to a market source.
The CLO sold $256 million of class A-1R floating-rate notes at Libor plus 118 basis points; $45.5 million of class A-2R floating-rate notes at Libor plus 160 bps and $21 million of class B-R floating-rate notes at Libor plus 240 bps.
BofA Merrill Lynch was the refinancing agent.
New York Life Investment Management manages the CLO.
The subsidiary of mutual life insurance company New York Life Insurance Co. is based in New York.
| Issuer: | Flatiron CLO 2014-1 Ltd./Flatiron CLO 2014-1 LLC
|
| Amount: | $322.5 million refinancing
|
| Maturity: | July 17, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | New York Life Investment Management LLC
|
| Pricing date: | Feb. 8
|
|
|
| Class A-1R notes
|
| Amount: | $256 million
|
| Coupon: | Libor plus 118 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2R notes
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| Amount: | $45.5 million
|
| Coupon: | Libor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
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| Amount: | $21 million
|
| Coupon: | Libor plus 240 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
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