Chicago, March 17 – Napier Park Global Capital (U.S.) LP sold a new collateralized loan obligation structured as floating-rate and subordinated notes due Jan. 15, 2034 being issued by Regatta XVIII Funding Ltd./Regatta XVIII Funding LLC, according to a pre-sale report.
The portfolio, which is collateralized primarily by senior secured loans, cash and eligible investments, includes $335.5 million of class A-1 senior secured floating-rate notes at Libor plus 110 basis points, $11.5 million of class A-2 senior secured floating-rate notes at Libor plus 127 bps and $68.25 million of class B senior secured deferrable floating-rate notes at Libor plus 145 bps.
Lower-rated notes include the $35.75 million of class C senior secured deferrable floating-rate notes at Libor plus 175 bps, $33 million of class D senior secured deferrable floating-rate notes at Libor plus 275 bps and $22 million of class E senior secured deferrable floating-rate notes at Libor plus 595 bps.
Additionally, there are $57.65 million of subordinated notes.
Napier Park Global will manage collateral through the end of the reinvestment period on April 15, 2026.
The notes can be called after April 15, 2023.
Nomura Securities International Inc. is the placement agent.
The asset management firm is based in New York.
| Issuers: | Regatta XVIII Funding Ltd./Regatta XVIII Funding LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $563.65 million
|
| Maturity: | Jan. 15, 2034
|
| Agent: | Nomura Securities International Inc.
|
| Manager: | Napier Park Global Capital (U.S.) LP
|
| Call: | April 15, 2023
|
| Pricing date: | March 12
|
| Settlement date: | March 31
|
|
|
| Class A-1 notes
|
| Amount: | $335.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $11.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $68.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $35.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $57.65 million
|
| Securities: | Subordinated notes
|
|
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