Invesco firms details for $512.5 million Limerock CLO III offering

By Cristal Cody

Tupelo, Miss., Oct. 15 – Invesco Senior Secured Management, Inc. is expected to bring a $512.5 million collateralized loan obligation deal, according to a market source.

The Limerock CLO III Ltd./Limerock CLO III LLC offering includes $315 million of class A-1 senior secured floating-rate notes (Aaa//); $35.5 million of class A-2a senior secured floating-rate notes (Aa2//); $20 million of class A-2b senior secured fixed-rate notes (Aa2//); $25 million of class B deferrable floating-rate notes (A2//); $33 million of class C deferrable floating-rate notes (Baa3//); $31.5 million of class D deferrable floating-rate notes (Ba3//); $12.5 million of class E deferrable floating-rate notes (B3//) and $40 million of subordinated notes.

Credit Suisse Securities (USA) LLC is the placement agent.

The CLO has a two-year non-call period and a four-year reinvestment period.

The notes are due in 2026.

The deal is secured mainly by first-lien senior secured loans and eligible investments.

Invesco Senior Secured Management, subsidiary of Atlanta-based Invesco, Ltd., has priced two CLO transactions in 2014.

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