By Cristal Cody
Tupelo, Miss., Aug. 7 – Highbridge Principal Strategies LLC raised $513.5 million of collateralized loan obligation notes due July 28, 2025, according to details from a market source.
Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC sold $310 million of class A-1 senior secured floating-rate notes at Libor plus 144 basis points, $32 million of class A-2A senior secured floating-rate notes at Libor plus 205 bps and $30 million of 4.26% class A-2B senior secured fixed-rate notes.
The CLO priced $38 million of class B deferrable floating-rate notes at Libor plus 300 bps; $27.5 million of class C deferrable floating-rate notes at Libor plus 365 bps; $22 million of class D deferrable floating-rate notes at Libor plus 490 bps; $9.5 million of class E deferrable floating-rate notes at Libor plus 535 bps and $44.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Highbridge Principal Strategies will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by a revolving pool of broadly syndicated senior secured loans.
Highbridge, the New York City-based affiliate of Highbridge Capital Management, LLC, brought two CLO deals in 2013.
| Issuer: | Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC
|
| Amount: | $513.5 million
|
| Maturity: | July 28, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Highbridge Principal Strategies LLC
|
| Call feature: | 2016
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 21
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class A-2B notes
|
| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.26%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
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| Amount: | $38 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $9.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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