Chicago, Feb. 17 – NYL Investors LLC refinanced $368 million involving all five classes of secured notes from the Flatiron CLO 17 Ltd./Flatiron CLO 17 LLC transaction due May 15, 2030, according to a market source.
The refinanced portfolio includes $256 million of class A-R senior secured floating-rate notes at Libor plus 98 basis points (originally 125 bps), $46 million of class B-R senior secured floating-rate notes at Libor plus 145 bps (originally 160 bps), $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps (originally 230 bps), $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 305 bps (originally 350 bps) and $18 million of class E-R senior secured deferrable floating-rate notes at Libor plus 590 bps (originally 600 bps).
The $40 million of subordinated notes from the original CLO will remain outstanding.
The notes are mostly collateralized by syndicated senior secured corporate loans.
NYL Investors will continue to manage the portfolio.
The non-call period has also been extended and benchmark replacement language has been added.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
| Issuer: | Flatiron CLO 17 Ltd./Flatiron CLO 17 LLC
|
| Amount: | $368 million
|
| Maturity: | May 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | NYL Investors LLC
|
| Announcement date: | Feb. 16
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 98 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
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| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 145 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 190 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 305 bps
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| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
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| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | Moody's: Ba3
|
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