By Cristal Cody
Tupelo, Miss., Dec. 18 – York CLO Managed Holdings, LLC priced $412.85 million of notes due Jan. 22, 2027 in the firm’s first collateralized loan obligation 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 deal is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.
The New York City-based firm is a subsidiary of investment management firm York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-1 Ltd./York CLO-1 LLC
|
| Amount: | $412.85 million
|
| Maturity: | Jan. 22, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | Jan. 22, 2017
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 22
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $23.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $43.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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