By Cristal Cody
Eureka Springs, Ark., Oct. 17 – Tall Tree Investment Management, LLC refinanced $367.5 million of notes due Jan. 25, 2024 at par in a vintage 2014 broadly syndicated collateralized loan obligation, according to a market source.
Lockwood Grove CLO, Ltd. sold $255 million of class A-R floating-rate notes at Libor plus 147 basis points, $47.75 million of class B-R floating-rate notes at Libor plus 227 bps, $23.75 million of class C-R floating-rate notes at Libor plus 335 bps, $21 million of class D-R floating-rate notes at Libor plus 500 bps and $20 million of class E-R floating-rate notes at Libor plus 775 bps.
Jefferies LLC was the refinancing agent.
Tall Tree Investment Management manages the CLO.
In the original deal, the CLO manager sold $255 million of class A-1 senior secured floating-rate notes at Libor plus 137 bps, $2.5 million of class A-X senior secured floating-rate notes at Libor plus 100 bps, $47.8 million of class B senior secured floating-rate notes at Libor plus 218 bps, $23.8 million of class C senior secured deferrable floating-rate notes at Libor plus 364 bps, $21 million of class D senior secured deferrable floating-rate notes at Libor plus 483 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 656 bps and $34.7 million of subordinated notes.
Tall Tree Investment Management is a Chicago-based investment firm.
| Issuer: | Lockwood Grove CLO, Ltd.
|
| Amount: | $367.5 million refinancing
|
| Maturity: | Jan. 25, 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | Tall Tree Investment Management, LLC
|
| Pricing date: | Oct. 12
|
|
|
| Class A-R notes
|
| Amount: | $255 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa (expected)
|
|
|
| Class B-R notes
|
| Amount: | $47.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 227 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class C-R notes
|
| Amount: | $23.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 (expected)
|
|
|
| Class D-R notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Price: | Par
|
| Rating: | Moody’s: Ba3 (expected)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
