By Cristal Cody
Tupelo, Miss., Jan. 31 – Seix Investment Advisors LLC priced $350 million of notes due Oct. 13, 2027 in a refinancing of a 2015 era collateralized loan obligation, according to a market source and a notice of executed supplemental indenture and A&R collateral management agreement.
Mountain View CLO X, Ltd./Mountain View CLO X, LLC sold $250 million of class A-R floating-rate notes at Libor plus 82 bps, $50 million of class B-R floating-rate notes at Libor plus 135 bps, $25.5 million of class C-R floating-rate notes at Libor plus 185 bps and $24.5 million of class D-R floating-rate notes at Libor plus 260 bps.
Credit Suisse Securities (USA) LLC was the placement agent.
Seix Investment Advisors will continue to manage the CLO.
The CLO has a make-whole end date of Oct. 15, 2018.
The original $415.6 million transaction was issued on Aug. 27, 2015. The CLO had sold $3 million of class X floating-rate notes at Libor plus 100 bps; $200 million of class A-1 floating-rate notes at Libor plus 150 bps; $50 million of 1.4% class A-2 fixed-rate notes; $29.8 million of class B-1 floating-rate notes at Libor plus 220 bps; $20.3 million of 4.11% class B-2 fixed-rate notes; $25.5 million of class C deferrable floating-rate notes at Libor plus 310 bps; $24.5 million of class D deferrable floating-rate notes at Libor plus 365 bps; $18 million of class E deferrable floating-rate notes at Libor plus 485 bps; $7 million of class F deferrable floating-rate notes at Libor plus 635 bps and $37.5 million of subordinated notes.
Proceeds from the deal will be used to redeem the original class A, B, C and D notes. The original $18 million of class E floating-rate notes, $7 million of class F floating-rate notes and $37.5 million of subordinated notes remain outstanding.
Seix Investment Advisors was last in the CLO primary market in 2016.
The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.
| Issuer: | Mountain View CLO X, Ltd./Mountain View CLO X, LLC
|
| Amount: | $350 million refinancing
|
| Maturity: | Oct. 13, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
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| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Seix Investment Advisors LLC
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| Call features: | Make-whole end date of Oct. 15, 2018
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 30
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $250 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $50 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $25.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: BBB
|
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