Sankaty Advisors markets $408.48 million Avery Point CLO VII deal

By Cristal Cody

Tupelo, Miss., Nov. 4 – Sankaty Advisors LLC plans to price $408.48 million of notes due Dec. 15, 2028 in the firm’s third collateralized loan obligation offering of the year, according to a market source.

The Avery Point CLO VII, Ltd./Avery Point CLO VII, Corp. deal includes $232 million of class A-1 senior secured floating-rate notes (Aaa); $20 million of class A-2 senior secured fixed-rate notes (Aaa); $45.7 million of class B senior secured floating-rate notes (Aa2); $21.8 million of class C senior secured deferrable floating-rate notes (A2); $26.65 million of class D senior secured deferrable floating-rate notes (Baa3); $21.2 million of class E senior secured deferrable floating-rate notes (Ba3); $7.2 million of class F senior secured deferrable floating-rate notes (B3) and $33.93 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

Sankaty Advisors will manage the CLO.

The CLO has a three-year non-call period and a five-year reinvestment period.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Sankaty last tapped the primary market on May 6 with the $516.5 million Avery Point CLO VI, Ltd./Avery Point CLO VI, Corp. transaction.

The Boston-based alternative investment firm priced two CLO deals in 2014.

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