By Cristal Cody
Tupelo, Miss., Aug. 11 – Telos Asset Management LLC priced $476.1 million of notes in a refinancing and reset of the Telos 2013-3, Ltd./Telos 2013-3 LLC collateralized loan obligation offering, according to a market source and a notice of executed second supplemental indenture and executed third supplemental indenture on Thursday.
The CLO sold $4 million of class X amortizing senior secured floating-rate notes at Libor plus 100 basis points; $295.9 million of class A-R senior secured floating-rate notes at Libor plus 130 bps; $50.1 million of class B-R senior secured floating-rate notes at Libor plus 200 bps; $24.1 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 260 bps; $30.3 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 375 bps; $24.1 million of class E-R mezzanine secured deferrable floating-rate notes at Libor plus 675 bps and $47.6 million of subordinated notes.
In addition to the refinanced CLO, Telos said it issued $22,588,577.62 of mezzanine bridge notes due Aug. 10, 2017 on the refinancing date at Libor plus 900 bps.
BNP Paribas Securities Corp. was the refinancing placement agent.
Telos Asset Management will continue to manage the CLO.
The class X notes are due July 17, 2019, while the remaining tranches in the CLO mature July 17, 2026.
The deal is backed mainly by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to redeem the original CLO notes that were issued on Feb. 26, 2013.
Credit manager Telos Asset Management is a subsidiary of New York-based Tiptree Financial Inc.
| Issuer: | Telos 2013-3, Ltd./Telos 2013-3 LLC
|
| Amount: | $476.1 million refinancing
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Telos Asset Management LLC
|
| Call feature: | Non-callable to but excluding July 17, 2018
|
| Pricing date: | July 17
|
| Settlement date: | Aug. 10
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Maturity: | July 17, 2019
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-R notes
|
| Amount: | $295.9 million
|
| Maturity: | July 17, 2026
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $50.1 million
|
| Maturity: | July 17, 2026
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Maturity: | July 17, 2026
|
| Amount: | $24.1 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $30.3 million
|
| Maturity: | July 17, 2026
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $24.1 million
|
| Maturity: | July 17, 2026
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $47.6 million
|
| Maturity: | July 17, 2026
|
| 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.
