By Cristal Cody
Tupelo, Miss., Sept. 8 – Fifth Street CLO Management LLC priced $416.6 million of notes due Sept. 30, 2027 in a middle-market-backed collateralized loan obligation deal, a source said.
Fifth Street SLF II Ltd./Fifth Street SLF II LLC sold $20 million of class A-1R revolving notes at Libor plus 192 basis points, $175.8 million of class A-1T floating-rate notes at Libor plus 192 bps, $31 million of 3.53% class A-1F fixed-rate notes and $40.6 million of class A-2 floating-rate notes at Libor plus 281 bps.
The CLO also priced $39.6 million of class B deferrable floating-rate notes at Libor plus 372 bps, $22.3 million of class C deferrable floating-rate notes at Libor plus 485 bps, $35.2 million of class D deferrable floating-rate notes at Libor plus 730 bps and $52.1 million of subordinated notes.
Natixis Securities America LLC arranged the offering.
Fifth Street CLO Management is the CLO manager.
The CLO is non-callable until Sept. 30, 2017. The reinvestment period ends Sept. 30, 2019.
The deal is backed by a revolving pool of middle-market loans.
Fifth Street CLO Management is a subsidiary of Fifth Street Asset Management Inc., an alternative asset management firm based in Greenwich, Conn.
| Issuer: | Fifth Street SLF II Ltd./Fifth Street SLF II LLC
|
| Amount: | $416.6 million
|
| Maturity: | Sept. 30, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities America LLC
|
| Manager: | Fifth Street CLO Management LLC
|
| Call feature: | Sept. 30, 2017
|
| Pricing date: | Sept. 1
|
| Settlement date: | Sept. 30
|
|
|
| Class A-1R notes
|
| Amount: | $20 million
|
| Securities: | Revolving notes
|
| Coupon: | Libor plus 192 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1T notes
|
| Amount: | $175.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 192 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $31 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.53%
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $40.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 281 bps
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B notes
|
| Amount: | $39.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 372 bps
|
| Rating: | Moody’s: A2 (expected)
|
|
|
| Class C notes
|
| Amount: | $22.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Class D notes
|
| Amount: | $35.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 730 bps
|
| Rating: | Moody’s: Ba3 (expected)
|
|
|
| Equity
|
| Amount: | $52.1 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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