By Cristal Cody
Tupelo, Miss., Dec. 8 – Napier Park Global Capital (U.S.) LP priced $352.11 million of notes due Oct. 15, 2033 in a new collateralized loan obligation offering, according to market sources.
Regatta XVII Funding Ltd./Regatta XVII Funding LLC sold $192 million of class A-1-A floating-rate notes at Libor plus 140 basis points, $25 million of 1.958% class A-1-B fixed-rate notes and $7 million of class A-2 floating-rate notes at Libor plus 160 bps.
The CLO priced $42 million of class B floating-rate notes at Libor plus 185 bps, $21 million of class C floating-rate notes at Libor plus 255 bps, $17.5 million of class D floating-rate notes at Libor plus 415 bps, $14.88 million of class E floating-rate notes at Libor plus 761 bps and $32.73 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a two-year non-call period, a five-year reinvestment period and is backed primarily by broadly syndicated first lien senior secured loans, cash and eligible investments.
The asset management firm is based in New York.
| Issuer: | Regatta XVII Funding Ltd./Regatta XVII Funding LLC
|
| Amount: | $352.11 million
|
| Maturity: | Oct. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Napier Park Global Capital (U.S.) LP
|
| Call feature: | Two years
|
| Settlement date: | Dec. 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-A notes
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| Amount: | $192 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1-B notes
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| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.958%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 415 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14.88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 761 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $32.73 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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