By Cristal Cody
Tupelo, Miss., Feb. 18 - 3i Debt Management U.S. LLC sold $416 million of notes due April 20, 2023 in a collateralized loan obligation deal, according to an informed source on Tuesday.
COA Summit CLO Ltd. priced $256 million of class A-1 floating-rate notes (Aaa) at Libor plus 135 basis points; $50 million of class A-2 floating-rate notes (Aa2) at Libor plus 190 bps; $22 million of class B floating-rate notes (A2) at Libor plus 280 bps; $22 million of class C floating-rate notes (Baa3) at Libor plus 385 bps; $20 million of class D floating-rate notes (Ba3) at Libor plus 440 bps and $46 million of subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
3i Debt Management will manage the CLO portfolio.
The non-call period and the reinvestment period on the CLO end April 20, 2015.
New York City-based 3i Debt Management is a joint venture with WCAS Fraser Sullivan Investment Management LLC that is majority owned by 3i Group plc.
| Issuer: | COA Summit CLO Ltd.
|
| Amount: | $416 million
|
| Maturity: | April 20, 2023
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | 3i Debt Management U.S. LLC
|
| Call feature: | April 20, 2015
|
| Pricing date: | Feb. 14
|
| Settlement date: | March 11
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Equity tranche
|
| Amount: | $46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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