By Cristal Cody
Tupelo, Miss., Oct. 16 – HarbourView Asset Management Corp. priced $414 million of notes due Nov. 18, 2026 in the firm’s first post-financial crisis collateralized loan obligation transaction, according to a market source on Thursday.
HarbourView CLO VII, Ltd./HarbourView CLO VII LLC sold $228 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points; $30 million of 3.11% class A-F senior secured fixed-rate notes; $5 million of class A-X senior secured floating-rate notes at Libor plus 135 bps; $33 million of class B-1 senior secured floating-rate notes at Libor plus 235 bps; $10 million of 4.24% class B-F senior secured fixed-rate notes; $24 million of 5.21% class C deferrable fixed-rate notes; $24 million of class D deferrable floating-rate notes at Libor plus 372 bps; $22 million of class E deferrable floating-rate notes at Libor plus 513 bps and $38 million of subordinated notes.
Jefferies LLC arranged the offering.
HarbourView Asset Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Collateral consists primarily of broadly syndicated first lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a $403.5 million portfolio of mostly senior secured leveraged loans.
HarbourView Asset Management is a subsidiary of New York-based OppenheimerFunds Inc.
| Issuer: | HarbourView CLO VII, Ltd./HarbourView CLO VII LLC
|
| Amount: | $414 million
|
| Maturity: | Nov. 18, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | HarbourView Asset Management Corp.
|
| Call feature: | Two years
|
| Pricing date: | Oct. 15
|
| Settlement date: | Nov. 18
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $228 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-F notes
|
| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.11%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-X notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-F notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.24%
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.21%
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | Libor plus 372 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | Libor plus 513 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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