By Cristal Cody
Tupelo, Miss., April 5 – Shenkman Capital Management, Inc. refinanced $327.5 million of notes due Jan. 17, 2026 in the vintage 2013 Sudbury Mill CLO Ltd./Sudbury Mill CLO LLC offering, according to a notice of revised supplemental indenture on Tuesday.
The CLO sold $200 million of class A-1-R senior floating-rate notes at Libor plus 115 basis points, $50 million of class A-2-R senior floating-rate notes at Libor plus 117 bps, $38 million of class B-1-R senior floating-rate notes at Libor plus 165 bps, $15 million of 3.612% class B-2-R senior fixed-rate notes and $24.5 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 245 bps.
Plans to refinance the $25 million class D tranche of floating-rate notes were dropped from the transaction.
Nomura Securities International, Inc. arranged the refinancing.
Shenkman Capital Management will continue to manage the CLO.
In the original transaction settled Dec. 5, 2013, the CLO sold $2.6 million of class X floating-rate notes at Libor plus 100 bps; $200 million of class A-1 floating-rate notes at Libor plus 145 bps; $50 million of class A-2 floating-rate notes 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.
Proceeds will be used to redeem the original class A1, A-2, B-1, B-2 and C notes on April 17.
Shenkman Capital Management is a New York-based investment firm.
| Issuer: | Sudbury Mill CLO Ltd./Sudbury Mill CLO LLC
|
| Amount: | $327.5 million refinancing
|
| Maturity: | Jan. 17, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | Shenkman Capital Management, Inc.
|
| Pricing date: | April 3
|
| Refinancing date: | April 17
|
|
|
| Class A-1-R notes
|
| Amount: | $200 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $50 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1-R notes
|
| Amount: | $38 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2-R notes
|
| Amount: | $15 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 3.612%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: A2 expected
|
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