By Cristal Cody
Tupelo, Miss., Aug. 8 – Tall Tree Investment Management, LLC priced a $413.1 million collateralized loan obligation transaction, according to details from a market source on Friday.
The Nelder Grove CLO 2014-1 Ltd. vehicle sold $218 million of class A-1 floating-rate notes at Libor plus 156 basis points, $40 million of 3.4% class A-F fixed-rate notes and $5 million of class A-X floating-rate notes at Libor plus 140 bps.
The CLO priced $41 million of class B floating-rate notes at Libor plus 205 bps; $22 million of class C floating-rate notes at Libor plus 290 bps; $15 million of class D-1 floating-rate notes at Libor plus 452 bps; $9 million of class D-2 floating-rate notes at Libor plus 375 bps; $25 million of class E floating-rate notes at Libor plus 675 bps and $38.1 million of subordinated notes.
Jefferies LLC arranged the deal.
Tall Tree Investment will manage the broadly syndicated CLO.
The Chicago-based investment advisement firm previously priced the $408.5 million Tuolumne Grove CLO 2014-1 Ltd. transaction on Feb. 28.
| Issuer: | Nelder Grove CLO 2014-1 Ltd.
|
| Amount: | $413.1 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Tall Tree Investment Management, LLC
|
| Pricing date: | July 18
|
|
|
| Class A-1 notes
|
| Amount: | $218 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 156 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-F notes
|
| Amount: | $40 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.4%
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $41 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-1 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 452 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-2 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings | Moody’s: Ba3 expected
|
|
|
| Equity tranche
|
| Amount: | $38.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
