By Cristal Cody
Tupelo, Miss., Sept. 6 – NYL Investors LLC sold $322 million of notes due April 15, 2027 in the Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC transaction, according to a notice of executed supplemental indenture on Tuesday.
The CLO priced $255 million of class A-R senior secured floating-rate notes at Libor plus 89 basis points, $47 million of class B-R senior secured floating-rate notes at Libor plus 140 bps and $20 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps.
Morgan Stanley & Co. LLC arranged the offering.
NY Investors will continue to manage the CLO.
The original $415 million CLO was issued on March 25, 2015. The CLO originally priced $3 million of class X floating-rate notes at Libor plus 100 bps; $255 million of class A floating-rate notes at Libor plus 140 bps; $47 million of class B floating-rate notes at Libor plus 215 bps; $20 million of class C floating-rate notes at Libor plus 320 bps; $24 million of class D floating-rate notes at Libor plus 345 bps; $22 million of class E floating-rate notes at Libor plus 470 bps; $8.5 million of class F floating-rate notes at Libor plus 550 bps and $35.5 million of subordinated notes.
Proceeds were used to redeem the original class A, B and C notes.
The deal is backed mostly by broadly syndicated first-lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
| Issuer: | Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC
|
| Amount: | $322 million refinancing
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | NY Investors LLC
|
| Settlement date: | Aug. 31
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $255 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 89 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: A2
|
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