New Issue: Shackleton 2013-III CLO prices $525.5 million of notes in 10 tranches

By Cristal Cody

Tupelo, Miss., March 27 - Shackleton 2013-III CLO Ltd./ Shackleton 2013-III CLO LLC priced $525.5 million of fixed-rate and floating-rate notes due April 15, 2025 and subordinated notes due April 15, 2016, according to a market source.

In the sale, Shackleton brought $4 million of class X floating-rate notes (/AAA/) at Libor plus 100 basis points; $316 million of class A floating-rate notes (/AAA/) at Libor plus 117 bps; $37 million of class B-1 floating-rate notes (/AA/) at Libor plus 200 bps; $18.5 million of class B-2 3.44% fixed-rate notes (/AA/); $36.5 million of class C-1 deferrable floating-rate notes (/A/) at Libor plus 295 bps; $6 million of class C-2 4.48% deferrable fixed-rate notes (/A/); $26 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 380 bps; $23.75 million of class E deferrable floating-rate notes (/BB/) at Libor plus 525 bps; $8.75 million of class F deferrable floating-rate notes (/B/) at Libor plus 550 bps; and $46.75 million of non-rated subordinated notes.

Morgan Stanley & Co. arranged the offering.

Alcentra NY LLC will manage the CLO.

The collateralized loan obligation securitization is backed by a revolving pool of U.S. dollar-denominated senior secured loans to broadly syndicated corporate borrowers.

Shackleton 2013-III is a managed cash flow CLO.

Issuer:	Shackleton 2013-III CLO Ltd./ Shackleton 2013-III CLO LLC
Amount:	$525.5 million
Securities:	Fixed-rate, floating-rate and subordinated notes
Structure:	Cash flow CLO
Placement agent: Morgan Stanley & Co.
Manager:
Call feature:	April 15, 2015
Settlement date: March 28
Class X notes
Amount:	$4 million
Maturity:	April 15, 2016
Securities:	Class X floating-rate notes
Coupon:	Libor plus 100 bps
Ratings: Standard & Poor's: AAA
Class A notes
Amount:	$316 million
Maturity:	April 15, 2025
Securities:	Class A floating-rate notes
Coupon:	Libor plus 117 bps
Ratings: Standard & Poor's: AAA
Class B-1 notes
Amount:	$37 million
Maturity:	April 15, 2025
Securities:	Class B-1 floating-rate notes
Coupon:	Libor plus 200 bps
Ratings: Standard & Poor's: AA
Class B-2 notes
Amount:	$18.5 million
Maturity:	April 15, 2025
Securities:	Class B-2 fixed-rate notes
Coupon:	3.44%
Ratings: Standard & Poor's: AA
Class C-1 notes
Amount:	$36.5 million
Maturity:	April 15, 2025
Securities:	Class C-1 deferrable floating-rate notes
Coupon:	Libor plus 295 bps
Ratings: Standard & Poor's: A
Class C-2 notes
Amount:	$36.5 million
Maturity:	April 15, 2025
Securities:	Class C-2 deferrable fixed-rate notes
Coupon:	4.48%
Ratings: Standard & Poor's: A
Class D notes
Amount:	$26 million
Maturity:	April 15, 2025
Securities:	Class D deferrable floating-rate notes
Coupon:	Libor plus 380 bps
Ratings: Standard & Poor's: BBB
Class E notes
Amount:	$23.75 million
Maturity:	April 15, 2025
Securities:	Class E deferrable floating-rate notes
Coupon:	Libor plus 525 bps
Ratings: Standard & Poor's: BB
Class F notes
Amount:	$8.75 million
Maturity:	April 15, 2025
Securities:	Class F deferrable floating-rate notes
Coupon:	Libor plus 550 bps
Ratings: Standard & Poor's: B
Subordinated notes
Amount:	$46.75 million
Maturity:	April 15, 2025
Securities:	Subordinated notes
Ratings: Non-rated

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