By Cristal Cody
Tupelo, Miss., Nov. 15 - Shenkman Capital Management, Inc. priced $419.1 million of notes due Jan. 17, 2026 in the Sudbury Mill CLO Ltd./Sudbury Mill CLO LLC offering, according to an informed source on Friday.
The CLO sold $2.6 million of class X senior secured floating-rate notes (//AAA) at Libor plus 100 basis points; $200 million of class A-1 senior secured floating-rate notes (//AAA) at Libor plus 145 bps; $50 million of class A-2 senior secured floating-rate notes (//AAA) at Libor plus 140 bps; $38 million of class B-1 floating-rate notes at Libor plus 220 bps; $15 million of 4.41% class B-2 fixed-rate notes; $24.5 million of class C floating-rate notes at Libor plus 300 bps; $25 million of class D floating-rate notes at Libor plus 350 bps; $18 million of class E floating-rate notes at Libor plus 475 bps and $46 million of subordinated notes.
Merrill Lynch, Pierce, Fenner & Smith Inc. arranged the deal.
The CLO, backed mostly by broadly syndicated senior secured loans, will have a two-year non-call period and a four-year reinvestment period.
The CLO manager is Shenkman Capital Management.
The New York-based investment firm plans to use the proceeds to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.
| Issuer: | Sudbury Mill CLO Ltd./Sudbury Mill CLO LLC
|
| Amount: | $419.1 million
|
| Maturity: | Jan. 17, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch, Pierce, Fenner & Smith Inc.
|
| Manager: | Shenkman Capital Management, Inc.
|
| Call feature: | Two years
|
| Settlement date: | Dec. 5
|
|
|
| Class X notes
|
| Amount: | $2.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.41%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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