By Cristal Cody
Tupelo, Miss., Aug. 14 - Additional details emerged for Invesco Senior Secured Management, Inc.'s $413.5 million North End CLO, LLC/North End CLO, Ltd. deal, which closed on Wednesday, according to market sources.
The CLO sold seven tranches of notes due July 17, 2025, including $246.5 million of class A secured floating-rate notes (Aaa/AAA/) at Libor plus 115 basis points; $56 million of class B secured floating-rate notes (/AA/) at Libor plus 165 bps; $29.5 million of class C secured deferrable floating-rate notes (/A/) at Libor plus 275 bps; $21 million of class D secured deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $18 million of class E secured deferrable floating-rate notes (/BB/) at Libor plus 460 bps; $10 million of class F secured deferrable floating-rate notes (/B/) at Libor plus 550 bps and $32.5 million of subordinated notes.
Bank of America Merrill Lynch was the underwriter.
Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco Ltd., manages the cash-flow CLO, which is collateralized by a revolving pool of primarily broadly syndicated senior secured loans.
The notes have a non-call period that ends July 17, 2015 and a reinvestment period that ends July 17, 2017.
The CLO is Invesco's first offering since it sold the $452.38 million Marea CLO, Ltd. in September 2012.
The firm manages 17 CLOs with assets of $6 billion.
| Issuer: | North End CLO, LLC/North End CLO, Ltd.
|
| Amount: | $413.5 million
|
| Maturity: | July 17, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Bank of America Merrill Lynch
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Call feature: | Beginning July 17, 2015
|
| Settlement date: | Aug. 14
|
|
|
| Class A notes
|
| Amount: | $246.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $29.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
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| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 460 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
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| Amount: | $10 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $32.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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