By Cristal Cody
Tupelo, Miss., July 25 – Mariner Investment Group, LLC refinanced $503.4 million of notes in a reset of a broadly syndicated collateralized loan obligation transaction priced in 2016, according to a market source and a notice of executed supplemental indenture on Monday.
Mariner CLO 2016-3 Ltd./Mariner CLO 2016-3 LLC sold $315 million of class A-R floating-rate notes at Libor plus 127 basis points; $63 million of class B-R floating-rate notes at Libor plus 185 bps; $37 million of class C-R deferrable floating-rate notes at Libor plus 265 bps; $25 million of class D-R deferrable floating-rate notes at Libor plus 380 bps; $20 million of class E-R deferrable floating-rate notes at Libor plus 680 bps and $43.4 million of subordinated notes.
Citigroup Global Markets Inc. was the refinancing agent.
Mariner will continue to manage the CLO.
The maturity on the refinanced notes was extended to July 23, 2029 from the original July 2026 maturity. The repriced CLO has a two-year non-call period and a four-year reinvestment period.
Mariner priced the $503.4 million original transaction on June 30, 2016. The CLO sold $330 million of class A floating-rate notes at Libor plus 159 bps; $55 million of class B floating-rate notes at Libor plus 200 bps; $30 million of class C floating-rate notes at Libor plus 290 bps; $25 million of class D floating-rate notes at Libor plus 400 bps; $20 million of class E floating-rate notes at Libor plus 700 bps and $43.4 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original notes.
Mariner Investment Group priced one CLO offering in 2016.
The alternative asset management firm is based in New York City.
| Issuer: | Mariner CLO 2016-3 Ltd./Mariner CLO 2016-3 LLC
|
| Amount: | $503.4 million refinancing
|
| Maturity: | July 23, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Mariner Investment Group, LLC
|
| Call feature: | July 2019
|
| Settlement date: | July 24
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $37 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $43.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 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.
