By Cristal Cody
Tupelo, Miss., March 26 – Mariner Investment Group, LLC priced a $504.75 million short-duration collateralized loan obligation transaction, according to a market source.
Mariner CLO 2015-1 LLC sold $331 million of class A floating-rate notes at Libor plus 128 basis points; $38.25 million of class B-1 floating-rate notes at Libor plus 191 bps; $17 million of 3.68% class B-2 fixed-rate notes; $26.25 million of class C deferrable floating-rate notes at Libor plus 315 bps; $25.25 million of class D deferrable floating-rate notes at Libor plus 410 bps; $21 million of class E deferrable floating-rate notes at Libor plus 650 bps and $46 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
The notes are due April 20, 2023.
The CLO has a non-call period that ends April 20, 2016.
The transaction is backed primarily by a static pool of broadly syndicated senior secured loans.
Proceeds will be used to purchase assets to reach a target portfolio of about $500 million of mostly leveraged loans.
Mariner Investment Group brought its first CLO deal in December.
The alternative asset management firm is based in New York City.
| Issuer: | Mariner CLO 2015-1 LLC
|
| Amount: | $504.75 million
|
| Maturity: | April 20, 2023
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Mariner Investment Group, LLC
|
| Call feature: | April 20, 2016
|
| Settlement date: | April 15
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $331 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $38.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 191 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | $17 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.68%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $26.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $25.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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