By Cristal Cody
Tupelo, Miss., Aug. 13 - West Gate Horizons Advisors, LLC sold $402.65 million in a collateralized loan obligation offering of notes due Aug. 13, 2025, according to market sources.
The Ocean Trails CLO IV/Ocean Trails CLO IV LLC priced $2.65 million of class X floating-rate notes (Aaa) at Libor plus 100 basis points; $242.5 million of class A floating-rate notes (Aaa) at Libor plus 130 bps; $51 million of class B floating-rate notes at Libor plus 225 bps; $25.75 million of class C deferrable floating-rate notes at Libor plus 300 bps; $20.25 million of class D deferrable floating-rate notes at Libor plus 400 bps; $16.5 million of class E deferrable floating-rate notes at Libor plus 530 bps; $8 million of class F deferrable floating-rate notes at Libor plus 590 bps and $36 million of subordinated notes.
Nomura Securities International, Inc. was the underwriter.
West Gate Horizons will mange the CLO, which is securitized by a broadly syndicated loan portfolio.
The vehicle has a two-year non-callable period and a four-year reinvestment period.
The offering is set to close on Aug. 29.
Western Gate Horizons Advisors is an investment adviser firm based in Los Angeles.
| Issuer: | Ocean Trails CLO IV/Ocean Trails CLO IV LLC
|
| Amount: | $402.65 million
|
| Maturity: | Aug. 13, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | West Gate Horizons Advisors, LLC
|
| Call feature: | 2015
|
| Settlement date: | Aug. 29
|
|
|
| Class X notes
|
| Amount: | $2.65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
|
| Amount: | $242.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $20.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
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| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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