By Cristal Cody
Tupelo, Miss., April 16 – Telos Asset Management LLC priced $411.1 million of notes in a refinancing and reset of the Telos CLO 2014-5, Ltd./Telos CLO 2014-5, LLC broadly syndicated collateralized loan obligation offering, according to a market source and a notice of changed pages to proposed first supplemental indenture on Friday.
The CLO sold $4 million of class X senior secured floating-rate notes at Libor plus 75 basis points; $221.5 million of class A-1-R senior secured floating-rate notes at Libor plus 95 bps; $37.5 million of class A-2-R senior secured floating-rate notes at Libor plus 125 bps; $42.5 million of class B-R senior secured floating-rate notes at Libor plus 148 bps; $25.75 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 215 bps; $19.75 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 330 bps; $24.5 million of class E-R mezzanine secured deferrable floating-rate notes at Libor plus 656 bps and $35.6 million of subordinated notes.
Jefferies LLC was the refinancing placement agent.
Telos Asset Management will continue to manage the CLO.
The reset notes are due April 17, 2028. The maturity was extended from the original April 17, 2025 maturity.
The reset CLO has a one-year non-call period and a two-year reinvestment period.
In the original $412.35 million deal issued May 1, 2014, the CLO priced $252 million of class A senior secured floating-rate notes at Libor plus 155 bps; $39 million of 4.448% class B-1 senior secured fixed-rate notes; $7.5 million of class B-2 senior secured floating-rate notes at Libor plus 215 bps; $32.75 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 300 bps; $19.75 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 365 bps; $18 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 500 bps; $7.75 million of class F mezzanine secured deferrable floating-rate notes at Libor plus 550 bps and $35.6 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The credit management firm is a subsidiary of New York-based Tiptree Financial Inc.
| Issuer: | Telos CLO 2014-5, Ltd./Telos CLO 2014-5, LLC
|
| Amount: | $411.1 million refinancing
|
| Maturity: | April 17, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | Telos Asset Management LLC
|
| Call feature: | April 17, 2019
|
| Settlement date: | April 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $221.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $42.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $25.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $19.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 656 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.6 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.
