Invesco firms details for $414.75 million North End CLO offering

By Cristal Cody

Tupelo, Miss., June 19 - Invesco Senior Secured Management, Inc. set the capital structure for a previously announced $414.75 million collateralized loan obligation offering, according to a market source on Wednesday.

North End CLO, LLC/North End CLO, Ltd. plans to price seven tranches of notes due July 17, 2025, including $246.5 million of class A secured floating-rate notes (Aaa); $56 million of class B secured floating-rate notes; $29.5 million of class C secured deferrable floating-rate notes; $21 million of class D secured deferrable floating-rate notes; $18 million of class E secured deferrable floating-rate notes; $10 million of class F secured deferrable floating-rate notes and $33.75 million of subordinated notes.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

The notes have a non-call period that ends in July 2015 and a reinvestment period that ends in July 2017.

Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco Ltd., will manage the cash-flow CLO, which is backed by a portfolio of primarily first-lien senior secured loans.

The deal is expected to close on July 11.

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