By Cristal Cody
Tupelo, Miss., March 12 - Sankaty Advisors LLC sold $362 million of notes due Dec. 15, 2022 in a refinancing of the Race Point V CLO, Ltd. transaction, according to an informed source on Wednesday.
The CLO priced $251 million of class AR senior secured floating-rate notes at Libor plus 130 basis points, 30 bps tighter than where the securities originally priced.
The CLO sold $47 million of class BR senior secured floating-rate notes at Libor plus 195 bps, 55 bps better than the original issuance.
The tranche of $28 million of class CR senior secured deferrable floating-rate notes priced at Libor plus 285 bps, tighter than where the tranche priced at Libor plus 350 bps in the original offering.
The CLO sold $19 million of class DR senior secured deferrable floating-rate notes at Libor plus 375 bps, 100 bps tighter than where the tranche first priced.
The $17 million offering of class ER senior secured deferrable floating-rate notes priced at Libor plus 600 bps, in 50 bps from the original issuance.
RBS Securities Inc. arranged the refinancing.
The original $405 million deal, which included a $43 million equity tranche of subordinated notes, priced in 2011.
Sankaty Advisors will manage the CLO.
The reinvestment period on the CLO is scheduled to end in December.
Sankaty Advisors was in the primary market in 2013 with the $516.75 million Avery Point II CLO Ltd./Avery Point II CLO Corp. deal and the $514.16 million Avery Point III CLO Ltd./Avery Point III CLO Corp. transaction.
Boston-based Sankaty Advisors is the credit investment unit of Bain Capital LLC.
| Issuer: | Race Point V CLO, Ltd.
|
| Amount: | $362 million refinancing
|
| Maturity: | Dec. 15, 2022
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBS Securities Inc.
|
| Manager: | Sankaty Advisors LLC
|
| Call feature: | None
|
| Pricing date: | Feb. 28
|
|
|
| Class AR notes
|
| Amount: | $251 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody's: Expected Aaa
|
| Standard & Poor's: Expected AAA
|
|
|
| Class BR notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Standard & Poor's: Expected AA
|
|
|
| Class CR notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: Expected A
|
|
|
| Class DR notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor's: Expected BBB
|
|
|
| Class ER notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Standard & Poor's: Expected BB
|
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