By Cristal Cody
Tupelo, Miss., July 1 – Sankaty Advisors LLC priced $415.25 million of notes due 2026 in a collateralized loan obligation transaction, according to a market source.
Avery Point V CLO Ltd./Avery Point V CLO Corp. sold $2 million of class X floating-rate notes (//AAA/) at Libor plus 100 basis points, $152 million of class A floating-rate notes (//AAA) at Libor plus 146 bps and $100 million of class A floating-rate loans (//AAA) at Libor plus 146 bps.
The CLO priced $43.5 million of class B floating-rate notes at Libor plus 210 bps; $24.5 million of class C floating-rate notes at Libor plus 310 bps; $25 million of class D floating-rate notes at Libor plus 350 bps; $25 million of class E floating-rate notes at Libor plus 490 bps; $5 million of class F floating-rate notes at Libor plus 550 bps and $38.25 million of subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
Sankaty Advisors will manage the CLO, which is backed primarily by senior secured loans.
The CLO has 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 was last in the primary market in March with the $727.5 million Avery Point IV CLO Ltd./Avery Point IV CLO Corp. deal. The firm also refinanced the $362 million Race Point V CLO, Ltd. transaction in February.
The Boston-based credit investment unit of Bain Capital LLC priced two CLOs in 2013.
| Issuer: | Avery Point V CLO Ltd./Avery Point V CLO Corp.
|
| Amount: | $415.25 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Sankaty Advisors LLC
|
| Call feature: | 2016
|
| Pricing date: | June 27
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $152 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 146 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 146 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $43.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $38.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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