By Cristal Cody
Tupelo, Miss., Oct. 20 – Invesco Senior Secured Management, Inc. brought $512.5 million of notes due Oct. 20, 2026 in a collateralized loan obligation deal, according to a market source.
Limerock CLO III Ltd./Limerock CLO III LLC priced $315 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Libor plus 153 basis points; $35.5 million of class A-2A senior secured floating-rate notes (Aa2) at Libor plus 230 bps; $20 million of 4.33% class A-2B senior secured fixed-rate notes (Aa2); $25 million of class B deferrable floating-rate notes (A2) at Libor plus 320 bps; $33 million of class C deferrable floating-rate notes (Baa3) at Libor plus 360 bps; $31.5 million of class D deferrable floating-rate notes (Ba3) at Libor plus 515 bps; $12.5 million of class E deferrable floating-rate notes (B3) at Libor plus 585 bps and $40 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Invesco Senior Secured Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is secured mainly by first-lien senior secured loans and eligible investments.
Invesco Senior Secured Management, a subsidiary of Atlanta-based Invesco, Ltd., has priced a total of three CLO transactions over the year.
| Issuer: | Limerock CLO III Ltd./Limerock CLO III LLC
|
| Amount: | $512.5 million
|
| Maturity: | Oct. 20, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Call feature: | 2016
|
| Pricing date: | Oct. 16
|
| Settlement date: | Nov. 13
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $35.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.33%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
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| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
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| Amount: | $12.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity tranche
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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