By Cristal Cody
Tupelo, Miss., April 16 – Shenkman Capital Management, Inc. priced $559.5 million of notes due April 15, 2027 in a collateralized loan obligation offering, according to a market source.
Jackson Mill CLO Ltd./Jackson Mill CLO LLC sold $352 million of class A floating-rate notes at Libor plus 154 basis points; $66 million of class B floating-rate notes at Libor plus 230 bps; $32.5 million of class C floating-rate notes at Libor plus 300 bps; $32.5 million of D floating-rate notes at Libor plus 375 bps; $24.5 million of class E floating-rate notes at Libor plus 500 bps and $52 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the offering.
Shenkman Capital Management will manage the CLO.
The CLO has a 1.5-year non-call period and a four-year reinvestment period.
The deal is backed primarily by first-lien senior secured loans.
Proceeds from the transaction will be used to purchase a portfolio of about $550 million of primarily senior secured leveraged loans.
Shenkman, a New York-based investment firm, brought two CLO deals in 2014.
| Issuer: | Jackson Mill CLO Ltd./Jackson Mill CLO LLC
|
| Amount: | $559.5 million
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Shenkman Capital Management, Inc.
|
| Call feature: | 1.5 years
|
| Pricing date: | April 16
|
| Settlement date: | May 21
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $352 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 154 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $52 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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