By Cristal Cody
Tupelo, Miss., April 10 – NYL Investors LLC sold $408 million of notes due April 15, 2030 in the Flatiron CLO 17 Ltd./Flatiron CLO 17 LLC transaction, according to a market source.
The CLO priced $256 million of class A senior secured floating-rate notes at par to yield Libor plus 125 basis points; $46 million of class B senior secured floating-rate notes at par to yield Libor plus 160 bps; $24 million of class C senior secured deferrable floating-rate notes at par to yield Libor plus 230 bps; $24 million of class D senior secured deferrable floating-rate notes at par to yield Libor plus 350 bps; $18 million of class E senior secured deferrable floating-rate notes at 97.94 and a coupon of Libor plus 600 bps and $40 million of subordinated notes.
Barclays arranged the offering.
NY Investors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed mostly by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to purchase a $400 million portfolio of mostly senior secured leveraged loans.
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: | $408 million
|
| Maturity: | April 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | NY Investors LLC
|
| Call feature: | Two years
|
| Pricing date: | April 4
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Price: | 97.94
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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