By Cristal Cody
Tupelo, Miss., Feb. 24 – CLO manager Sankaty Advisors LLC priced a $506.9 million collateralized loan obligation transaction, according to a market source.
Race Point IX CLO, Ltd. sold $323.1 million of class A-1 floating-rate notes at Libor plus 151 basis points; $49 million of class A-2 floating-rate notes at Libor plus 225 bps; $25.9 million of class B floating-rate notes at Libor plus 310 bps; $32.9 million of class C floating-rate notes at Libor plus 360 bps; $29.5 million of class D floating-rate notes at Libor plus 520 bps; $6.3 million of class E floating-rate notes at Libor plus 585 bps and $40.2 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
Sankaty Advisors priced two U.S. CLO offerings and one euro-denominated deal in 2014.
The credit investment unit of Bain Capital LLC is based in Boston.
| Issuer: | Race Point IX CLO, Ltd.
|
| Amount: | $506.9 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sankaty Advisors LLC
|
| Pricing date: | Feb. 13
|
|
|
| Class A-1 notes
|
| Amount: | $323.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $25.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $32.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $6.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity tranche
|
| Amount: | $40.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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