By Cristal Cody
Tupelo, Miss., March 10 – Shenkman Capital Management, Inc. refinanced $406.25 million of notes due April 20, 2026 at par in a vintage 2014 broadly syndicated collateralized loan obligation offering, according to a market source.
Washington Mill CLO Ltd./Washington Mill CLO LLC priced $295 million of class A-1R floating-rate notes at Libor plus 122 basis points; $18.75 million of 2.9% class A-2R fixed-rate notes; $48.13 million of class B-1R floating-rate notes at Libor plus 166 bps; $18.75 million of 3.6% class B-2R fixed-rate notes and $25.63 million of class CR floating-rate notes at Libor plus 260 bps.
Citigroup Global Markets Inc. arranged the offering.
Shenkman Capital Management is a New York-based investment firm.
| Issuer: | Washington Mill CLO Ltd./Washington Mill CLO LLC
|
| Amount: | $406.26 million
|
| Maturity: | April 20, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Shenkman Capital Management, Inc.
|
| Pricing date: | Feb. 24
|
|
|
| Class A-1R notes
|
| Amount: | $295 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2R notes
|
| Amount: | $18.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.9%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1R notes
|
| Amount: | $48.13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 166 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2R notes
|
| Amount: | $18.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.6%
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class CR notes
|
| Amount: | $25.63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
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