By Cristal Cody
Tupelo, Miss., March 23 – Cutwater Investor Services Corp. priced $345.8 million of notes due Jan. 15, 2027 in a refinancing of a vintage 2014 collateralized loan obligation offering, according to a market source.
Cutwater 2014-II, Ltd./Cutwater 2014-II, LLC sold $258.1 million of class A-1-R floating-rate notes at Libor plus 123 basis points; $38.8 million of class A-2-R floating-rate notes at Libor plus 170 bps; $25.6 million of class B-R floating-rate notes at Libor plus 260 bps and $23.3 million of class C-R floating-rate notes at Libor plus 375 bps.
Natixis Securities Americas LLC arranged the deal.
Cutwater Investor Services will remain as the CLO manager.
In the original transaction, the CLO priced $258.1 million of class A-1 senior secured floating-rate notes at Libor plus 157 bps; $38.8 million of class A-2 senior secured floating-rate notes at Libor plus 230 bps; $25.6 million of class B senior secured deferrable floating-rate notes at Libor plus 315 bps and $23.3 million of class C senior secured deferrable floating-rate notes at Libor plus 440 bps.
The $22.8 million of class D secured deferrable floating-rate notes were not refinanced. The original offering included $20.1 million of class A subordinated notes and $22.8 million of class B subordinated notes as equity tranches.
Cutwater was last in the CLO primary market in 2015.
The investment management firm is based in New York City.
| Issuer: | Cutwater 2014-II, Ltd./Cutwater 2014-II, LLC
|
| Amount: | $345.8 million refinancing
|
| Maturity: | Jan. 15, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | Cutwater Investor Services Corp.
|
| Pricing date: | March 16
|
|
|
| Class A-1-R notes
|
| Amount: | $258.1 million
|
| Coupon: | Libor plus 123 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $38.8 million
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $25.6 million
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $23.3 million
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3 expected
|
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