By Cristal Cody
Tupelo, Miss., Feb. 27 – Saranac Advisory, Ltd. affiliate Saranac CLO Management, LLC closed Thursday on a new $347.5 million broadly syndicated collateralized loan obligation, according to market sources.
Saranac CLO VIII Ltd./Saranac CLO VIII LLC sold $39 million of class A-N senior secured floating-rate notes at Libor plus 135 basis points, $160 million of class A loans at Libor plus 135 bps, $25 million of 2.8% class A-F senior secured fixed-rate notes and $38.5 million of class B-R senior secured floating-rate notes at Libor plus 205 bps.
The CLO sold $14.5 million of class C-N secured deferrable floating-rate notes at Libor plus 280 bps; $5 million of 4.33% class C-F secured deferrable fixed-rate notes, $21 million of class D secured deferrable floating-rate notes at Libor plus 395 bps, $19 million of class E secured deferrable floating-rate notes at Libor plus 812 bps and $25.5 of income notes.
Jefferies LLC was the placement agent.
The notes are due in 2033, and the CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
Saranac is an affiliate of Canaras Capital Management, LLC, a New York City-based investment management firm.
Issuer: | Saranac CLO VIII Ltd./Saranac CLO VIII LLC
|
Amount: | $347.5 million
|
Maturity: | 2033
|
Securities: | Fixed-rate, floating-rate and income notes
|
Structure: | Cash flow CLO
|
Refinancing agent: | Jefferies LLC
|
Manager: | Saranac CLO Management, LLC
|
Call feature: | Two years
|
Pricing date: | Feb. 4
|
Settlement date: | Feb. 27
|
Distribution: | Rule 144A and Regulation S
|
|
Class A-N notes
|
Amount: | $39 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 135 bps
|
Rating: | Moody’s: Aaa
|
|
Class A loans
|
Amount: | $160 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 135 bps
|
Rating: | Moody’s: Aaa
|
|
Class A-F notes
|
Amount: | $25 million
|
Securities: | Senior secured fixed-rate notes
|
Coupon: | 2.8%
|
Rating: | Moody’s: Aaa
|
|
Class B notes
|
Amount: | $38.5 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 205 bps
|
Rating: | Moody’s: Aa2
|
|
Class C-N notes
|
Amount: | $14.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 280 bps
|
Rating: | Moody’s: A2
|
|
Class C-F notes
|
Amount: | $5 million
|
Securities: | Secured deferrable fixed-rate notes
|
Coupon: | 4.33%
|
Rating: | Moody’s: A2
|
|
Class D notes
|
Amount: | $21 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 395 bps
|
Rating: | Moody’s: Baa3
|
|
Class E notes
|
Amount: | $19 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 812 bps
|
Rating: | Moody’s: Ba3
|
|
Equity
|
Amount: | $25.5 million
|
Securities: | Income notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.