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Arrowpoint Colorado plans second refinancing of 2013 CLO notes
By Cristal Cody
Tupelo, Miss., July 19 – Arrowpoint Colorado Holdings LLC plans to price a second refinancing of notes from a vintage 2013 collateralized loan obligation deal, according to a notice of proposed fourth supplemental indenture on Thursday.
As part of the reissue, the vehicle will be renamed from its original Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC name to Elevation CLO 2013-1, Ltd./Elevation CLO 2013-1, LLC.
The Elevation CLO deal includes class X notes (expected ratings AAA), class A-1-R2 notes (expected ratings AAA), class A-2-R2 notes (expected ratings AA), class B-R2 notes (expected ratings A), class C-R2 notes (expected ratings BBB-) and class D-R2 notes (expected ratings BB-).
Goldman Sachs & Co. is the refinancing placement agent.
Arrowpoint will manage the CLO.
PGIM, Inc. is the designated successor manager.
The CLO will have extended non-call and reinvestment periods, as well as an extended maturity.
Arrowpoint CLO 2013-1 was originally issued on April 25, 2013.
The CLO was first refinanced in a $331.2 million offering of notes due Nov. 15, 2028 on Nov. 25, 2016. In the first refinancing, the CLO had priced $225.72 million of class A-1R floating-rate notes at Libor plus 152 basis points; $44.28 million of class A-2R floating-rate notes at Libor plus 215 bps; $26.28 million of class B-R deferrable floating-rate notes at Libor plus 295 bps; $16.92 million of class C-R deferrable floating-rate notes at Libor plus 468 bps and $18 million of class D-R deferrable floating-rate notes at Libor plus 771 bps.
Proceeds from the transaction will be used to redeem the outstanding notes on Aug. 15.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
In 2018, ArrowMark priced two new CLOs and refinanced one vintage CLO.
The investment management firm is based in Denver.
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