Sankaty Advisors plans to price $415.25 million Avery Point V CLO

By Cristal Cody

Tupelo, Miss., June 27 – Sankaty Advisors LLC intends to price $415.25 million of notes due 2026 in a collateralized loan obligation transaction, according to a market source.

The Avery Point V CLO Ltd./Avery Point V CLO Corp. transaction includes $2 million of class X floating-rate notes (//AAA/); $152 million of class A floating-rate notes (//AAA); $100 million of class A floating-rate loans (//AAA); $43.5 million of class B floating-rate notes; $24.5 million of class C floating-rate notes; $25 million of class D floating-rate notes; $25 million of class E floating-rate notes; $5 million of class F floating-rate notes and $38.25 million of subordinated notes.

GreensLedge Capital Markets LLC is the placement agent.

Sankaty Advisors will manage the CLO.

Collateral consists primarily of senior secured loans.

The CLO will have a two-year non-call period and a four-year reinvestment period.

Proceeds from the deal will be used to purchase assets to reach a target portfolio of about $400 million of leveraged loans.

Sankaty Advisors refinanced the $362 million Race Point V CLO, Ltd. transaction in February and priced the $727.5 million Avery Point IV CLO Ltd./Avery Point IV CLO Corp. deal in March.

The Boston-based credit investment unit of Bain Capital LLC priced two CLOs in 2013.

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