By Cristal Cody
Tupelo, Miss., April 19 – Alcentra NY, LLC priced $414.5 million of notes due July 17, 2026 in a refinancing of a 2014 broadly syndicated collateralized loan obligation deal, according to a first supplemental indenture notice on Monday.
Shackleton 2014-VI CLO, Ltd./Shackleton 2014-VI CLO LLC sold $159.5 million of class A-1-R floating-rate notes at Libor plus 116 basis points, $153.5 million of class A-2-R floating-rate notes at Libor plus 116 bps, $25 million of class B-1-R floating-rate notes at Libor plus 160 bps, $37.5 million of 3.46% class B-2-R fixed-rate notes and $39 million of class C-R floating-rate notes at Libor plus 225 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
Alcentra will continue to manage the CLO.
The original CLO notes were issued on July 8, 2014. The CLO sold $250.5 million of class A floating-rate notes at Libor plus 150 bps, $20 million of class B-1 floating-rate notes at Libor plus 215 bps and $30 million of 4.4% class B-2 fixed-rate notes, $31.25 million of class C deferrable floating-rate notes at Libor plus 310 bps, $20.75 million of class D deferrable floating-rate notes at Libor plus 360 bps, $16.5 million of class E deferrable floating-rate notes at Libor plus 500 bps and $10 million of class F deferrable floating-rate notes at Libor plus 575 bps.
The class D, E and F notes were not refinanced.
Proceeds were used to redeem the original class A-1, A-2, B-1, B-2 and C notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Alcentra priced one new CLO and refinanced one vintage CLO in 2016.
The New York-based firm is part of BNY Alcentra Group Holdings, Inc.
| Issuer: | Shackleton 2014-VI CLO Ltd./Shackleton 2014-VI CLO LLC
|
| Amount: | $414.5 million refinancing
|
| Maturity: | July 17, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Alcentra NY, LLC
|
| Settlement date: | April 17
|
|
|
| Class A-1-R notes
|
| Amount: | $159.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $153.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $37.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.46%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
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