By Cristal Cody
Tupelo, Miss., Oct. 22 – Napier Park Global Capital (US) LP priced $514.5 million of notes due Oct. 25, 2026 in the Regatta V Funding Ltd./Regatta V Funding LLC collateralized loan obligation transaction, according to a market source.
The CLO priced $227 million of class A-1A floating-rate notes at Libor plus 156 basis points; $95.5 million of class A-1B floating-rate notes at Libor plus 147 bps; $20 million of class A-2A floating-rate notes at Libor plus 220 bps; $20 million of class A-2B1 floating-rate notes at Libor plus 235 bps; $17.8 million of class A-2B2 floating-rate notes at Libor plus 315 bps; $26 million of class B deferrable floating-rate notes at Libor plus 300 bps; $26 million of class C deferrable floating-rate notes at Libor plus 345 bps; $27.7 million of class D deferrable floating-rate notes at Libor plus 490 bps and $54.5 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Napier Park Global Capital will manage the CLO, which is secured mainly by first-lien senior secured loans and eligible investments.
The CLO is non-callable until Oct. 25, 2016. The reinvestment period ends Oct. 25, 2018.
Proceeds from the deal will be used to purchase a portfolio of about $500 million of leveraged loans.
Napier Park Global Capital was previously in the primary market this year with the $492.36 million Regatta III Funding LP/Regatta III Funding LLC deal in February and the $626 million Regatta IV Funding Ltd./Regatta IV Funding LLC transaction in May.
The New York City-based global alternative asset manager brought one CLO deal in 2013.
| Issuer: | Regatta V Funding Ltd./Regatta V Funding LLC
|
| Amount: | $514.5 million
|
| Maturity: | Oct. 25, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Napier Park Global Capital (US) LP
|
| Call feature: | Oct. 25, 2016
|
| Pricing date: | Oct. 8
|
| Settlement date: | Nov. 6
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $227 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 156 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $95.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B1 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class A-2B2 notes
|
| Amount: | $17.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: Aa3
|
|
|
| Class B notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $27.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $54.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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