By Cristal Cody
Eureka Springs, Ark., May 19 – York CLO Managed Holdings, LLC priced $403.2 million of notes due July 20, 2025 in the firm’s first collateralized loan obligation deal of the year and third total offering in the space, according to a market source.
York CLO-3 Ltd./York CLO-3 LLC sold $1.5 million of class X floating-rate notes at Libor plus 100 basis points; $268 million of class A floating-rate notes at Libor plus 157 bps; $23 million of class B-1 floating-rate notes at Libor plus 220 bps; $18 million of 3.4% class B-2 fixed-rate notes; $19.5 million of class C deferrable floating-rate notes at Libor plus 335 bps; $11 million of class D-1 deferrable floating-rate notes at Libor plus 535 bps; $10.5 million of class D-2 deferrable floating-rate notes at Libor plus 495 bps; $20 million of class E deferrable floating-rate notes at Libor plus 568 bps and $31.7 million of subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
York CLO Managed Holdings is the CLO manager.
The CLO has a one-year non-call period and a two-year reinvestment period.
The transaction is backed primarily by senior secured loans.
York priced one CLO deal in 2014 and in 2015.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
Issuer: | York CLO-3 Ltd./York CLO-3 LLC
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Amount: | $403.2 million
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Maturity: | July 20, 2025
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | York CLO Managed Holdings, LLC
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Call feature: | One year
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Settlement date: | June 15
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Class X notes
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Amount: | $1.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 100 bps
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Rating: | Moody’s: Aaa
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Class A notes
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Amount: | $268 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 157 bps
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Rating: | Moody’s: Aaa
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Class B-1 notes
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Amount: | $23 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | Moody’s: Aa2
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Class B-2 notes
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Amount: | $18 million
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Securities: | Fixed-rate notes
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Coupon: | 3.4%
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Rating: | Moody’s: Aa2
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Class C notes
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Amount: | $19.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 335 bps
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Rating: | Moody’s: A2
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Class D-1 notes
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Amount: | $11 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 535 bps
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Rating: | Moody’s: Baa3
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Class D-2 notes
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Amount: | $10.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 495 bps
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Rating: | Moody’s: Baa3
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Class E notes
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Amount: | $20 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 568 bps
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Rating: | Moody’s: Ba3
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Equity
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Amount: | $31.7 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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