By Cristal Cody
Tupelo, Miss., Feb. 27 - Invesco Senior Secured Management, Inc. priced $669.75 million of notes due April 2026 in the Limerock CLO II Ltd./Limerock CLO II LLC transaction, according to an informed source on Thursday.
The CLO sold $406.25 million of class A floating-rate notes (/AAA/) at Libor plus 150 basis points at the top of the capital stack.
The CLO also priced $59.75 million of class B-1 floating-rate notes (/AA/) at Libor plus 210 bps; $20 million of 4.3934% class B-2 fixed-rate notes (/AA/); $47 million of class C-1 deferrable floating-rate notes (/A/) at Libor plus 285 bps; $20 million of 5.1952% class C-2 deferrable fixed-rate notes (/A/); $34.75 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 325 bps; $30.25 million of class E deferrable floating-rate notes (/BB/) at Libor plus 450 bps; $16 million of class F deferrable floating-rate notes (/B/) at Libor plus 550 bps and $54.25 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the deal.
Invesco Senior Secured Management will manage the CLO, which is backed by a revolving pool of primarily broadly syndicated senior secured corporate loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco, Ltd., priced the $413.5 million North End CLO, LLC/North End CLO, Ltd. deal and the $411.9 million Nomad CLO Ltd./Nomad CLO LLC offering in 2013.
| Issuer: | Limerock CLO II Ltd./Limerock CLO II LLC
|
| Amount: | $669.75 million
|
| Maturity: | April 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Call feature: | 2016
|
| Pricing date: | Feb. 26
|
|
|
| Class A notes
|
| Amount: | $406.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $59.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.3934%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C-1 notes
|
| Amount: | $47 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C-2 notes
|
| Amount: | $1.5 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.1952%
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $34.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $30.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $54.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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