By Cristal Cody
Tupelo, Miss., Oct. 17 - Allianz Global Investors U.S. LLC priced $465 million of notes due Nov. 7, 2025 in a collateralized loan obligation transaction, according to an informed source on Thursday.
The West CLO 2013-1 Ltd./West CLO 2013-1 LLC sold $252 million of class A-1A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 140 basis points; $30 million of 3.3% class A-1B senior secured fixed-rate notes (Aaa/AAA/); $15 million of class A-2A senior secured floating-rate notes (/AA/) at Libor plus 200 bps; $44 million of 4.07% class A-2B senior secured fixed-rate notes (/AA/); $31 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 290 bps; $23 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 365 bps; $20.5 million of class D senior secured deferrable floating-rate notes (/BB/) at Libor plus 490 bps and $49.5 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
The notes have a two-year non-call period and a four-year reinvestment period.
Allianz Global Investors, part of Munich-based Allianz SE, will manage the CLO, which is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.
| Issuer: | West CLO 2013-1 Ltd./West CLO 2013-1 LLC
|
| Amount: | $465 million
|
| Maturity: | Nov. 7, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Allianz Global Investors U.S. LLC
|
| Call feature: | November 2015
|
| Settlement date: | Nov. 7
|
|
|
| Class A-1A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.3%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class A-2B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.07%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $31 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $49.5 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.
