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Barclays begins tender offer for ACA CLO 2005-1 bonds, preferreds
By Angela McDaniels
Tacoma, Wash., Jan. 20 - Barclays Bank plc began a tender offer for five series of securities issued by ACA CLO 2005-1, Ltd. and ACA CLO 2005-1 LLC, according to a company news release.
The following securities are eligible for the offer:
• $18 million of class A-2L floating-rate notes due October 2017;
• $19 million of class A-3L floating-rate notes due October 2017;
• $16.5 million of class B-1L floating-rate notes due October 2017;
• $8 million of class B-2L floating-rate notes due October 2017; and
• 24,075,258 preferred shares.
Barclays will accept any and all notes tendered and up to 4.04 million preferreds.
For each $1,000 principal amount of notes, the tender price is $950 for the class A-2L notes, $920 for the class A-3L notes and $900 for the class B-1L notes and the class B-2L notes.
The tender price is $0.70 for each preferred tendered by the early tender time. For preferreds tendered after the early tender time but before the offer expiration, the price is $0.63.
The early tender time is 5 p.m. ET on Feb. 2. The offer will expire at 5 p.m. ET on Feb. 17.
The offer is subject to the receipt of tenders for at least 4,037,630 preferreds (equal to a notional amount of $4,037,630). The offer is not subject to any financing condition.
As of Jan. 20, Barclays owns all of the $206,921,339 outstanding principal amount of class A-1L floating-rate notes due October 2017 and 8 million of the 24,075,258 outstanding preferreds.
The dealer manager is Barclays Capital Inc. (contact Sonya Lee at 212 412-5155 or CLOStructuring@barclayscapital.com). The information agent and depositary is Global Bondholder Services Corp. (866 736-2200 or 212 430-3774).
Barclays is a financial services provider based in London.
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