By Cristal Cody
Tupelo, Miss., March 24 – Highbridge Principal Strategies LLC priced $519.8 million of notes in a collateralized loan obligation transaction, according to a market source.
Highbridge Loan Management 6-2015 Ltd./Highbridge Loan Management 6-2015 LLC sold $4 million of class X floating-rate notes at Libor plus 100 basis points at par; $320 million of class A floating-rate notes at Libor plus 145 bps at 99.64; $60 million of class B floating-rate notes at Libor plus 226 bps at 99.75; $29.5 million of class C floating-rate notes at Libor plus 307 bps at 99.48; $28 million of class D floating-rate notes at Libor plus 365 bps at 96.38; $21.5 million of class E-1 floating-rate notes at Libor plus 545 bps at 93.11; $1 million of class E-2 floating-rate notes at Libor plus 623 bps at 97.98; $8.8 million of class F floating-rate notes at Libor plus 670 bps at 89.5 and $47 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Highbridge Principal Strategies will manage the CLO.
The New York City-based affiliate of Highbridge Capital Management, LLC brought two CLO deals in 2014.
| Issuer: | Highbridge Loan Management 6-2015 Ltd./Highbridge Loan Management 6-2015 LLC
|
| Amount: | $519.8 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Highbridge Principal Strategies LLC
|
| Pricing date: | March 17
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A notes
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| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | 99.64
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class B notes
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| Amount: | $60 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 226 bps
|
| Price: | 99.75
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $29.5 million
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| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 307 bps
|
| Price: | 99.48
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Price: | 96.38
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-1 notes
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| Amount: | $21.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Price: | 93.11
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-2 notes
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| Amount: | $1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 623 bps
|
| Price: | 97.98
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
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| Amount: | $8.8 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 670 bps
|
| Price: | 89.50
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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