By Cristal Cody
Tupelo, Miss., Aug. 7 – Alcentra NY LLC refinanced $345.33 million of notes in a vintage 2012 collateralized loan obligation transaction, according to a market source.
Shackleton I-R CLO Ltd./Shackleton I-R CLO Corp. refinanced $75 million of class A-1LR floating-rate notes at Libor plus 130 basis points, $180 million of class A-1SR floating-rate notes at Libor plus 115 bps and $3.33 million of class A-XR floating-rate notes at Libor plus 100 bps.
The CLO refinanced $17 million of class B-1R floating-rate notes at Libor plus 215 bps, $25 million of class B-2R 3.83% fixed-rate notes, $24 million of class C-R deferrable floating-rate notes at Libor plus 310 bps and $21 million of class D-R deferrable floating-rate notes at Libor plus 430 bps.
Jefferies LLC was the refinancing agent.
Alcentra NY is the CLO manager.
The notes are due Aug. 12, 2023.
The CLO is backed by a revolving pool of broadly syndicated senior secured loans.
Alcentra NY closed on the original $403 million deal in September 2012.
The New York City-based firm, a subsidiary of Bank of New York Mellon Corp., has priced two U.S. CLO transactions in 2014.
| Issuer: | Shackleton I CLO Ltd./Shackleton I CLO Corp.
|
| Amount: | $345.33 million refinancing
|
| Maturity: | Aug. 12, 2023
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Alcentra NY LLC
|
| Pricing date: | July 22
|
|
|
| Class A-1LR notes
|
| Amount: | $75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1SR notes
|
| Amount: | $180 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-XR notes
|
| Amount: | $3.33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1R notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Expected rating: | Standard & Poor’s: AA
|
|
|
| Class B-2R notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.83%
|
| Expected rating: | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Expected rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Expected rating: | Standard & Poor’s: BBB
|
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