By Cristal Cody
Tupelo, Miss., June 19 – Western Asset Management Co. LLC priced $352.3 million of notes due July 20, 2030 in the firm’s first broadly syndicated transaction since 2014, according to market sources.
Crown City CLO I/Crown City CLO I LLC sold $210 million of class A-1 floating-rate notes at Libor plus 205 basis points and $56 million of class A-2 floating-rate notes at Libor plus 255 bps.
The CLO also priced $21 million of class B deferrable floating-rate notes at Libor plus 303 bps, $17.5 million of class C deferrable floating-rate notes at Libor plus 462 bps, $10.5 million of class D deferrable floating-rate notes at Libor plus 788 bps and $37.3 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Western Asset Management will manage the CLO, which has a one-year non-call period and a two-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured loans from issuers based in the United States.
The company last issued a new CLO on April 11, 2014 when it brought the Mountain Hawk III CLO, Ltd. offering.
Western Asset most recently was in the primary market in 2017 and 2018 with two vintage CLO refinancing transactions.
The fixed income investment firm is based in Pasadena, Calif.
| Issuer: | Crown City CLO I/Crown City CLO I LLC
|
| Amount: | $352.3 million
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Western Asset Management Co. LLC
|
| Call feature: | One year
|
| Settlement date: | June 26
|
|
|
| Class A-1 notes
|
| Amount: | $210 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 303 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 462 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 788 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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