York brings CLO, prices AAAs at Libor plus 150 bps; U.S. 2014 issuance tops $128 billion

By Cristal Cody

Tupelo, Miss., Dec. 18 – CLO managers continue to bring deals as the year winds to a close, according to a market source on Thursday.

York CLO Managed Holdings, LLC priced $412.85 million of notes in the firm’s first CLO transaction, a source said.

The deal brings U.S. CLO issuance year to date to more than $128 billion, according to data compiled by Prospect News.

York prices $412.85 million

York CLO Managed Holdings priced $412.85 million of notes due Jan. 22, 2027 in the CLO transaction, according to a market source.

York CLO-1 Ltd./York CLO-1 LLC priced $250 million of class A floating-rate notes at Libor plus 155 basis points; $49 million of class B floating-rate notes at Libor plus 235 bps; $22 million of class C deferrable floating-rate notes at Libor plus 325 bps; $24.5 million of class D deferrable floating-rate notes at Libor plus 410 bps; $23.5 million of class E deferrable floating-rate notes at Libor plus 545 bps and $43.85 million of subordinated notes.

Credit Suisse Securities (USA) LLC arranged the transaction.

York CLO Managed Holdings will manage the CLO.

The CLO is non-callable until Jan. 22, 2017. The reinvestment period ends Jan. 22, 2019.

The New York City-based firm is a subsidiary of investment management firm York Capital Management Global Advisors, LLC.

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