By Cristal Cody
Eureka Springs, Ark., Nov. 10 – York CLO Managed Holdings, LLC priced $403.2 million of notes due Jan. 20, 2030 in the firm’s second collateralized loan obligation deal of 2016, according to a market source.
York CLO-4 Ltd./York CLO-4 LLC sold $2 million of class X floating-rate notes at Libor plus 100 basis points; $252 million of class A floating-rate notes at Libor plus 163 bps; $48 million of class B floating-rate notes at Libor plus 223 bps; $23 million of class C floating-rate notes at Libor plus 305 bps; $23 million of class D floating-rate notes at Libor plus 410 bps; $20 million of class E floating-rate notes at Libor plus 694 bps and $40 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
York CLO Managed Holdings is the CLO manager.
The CLO has a three-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by first-lien senior secured loans.
The deal does not comply with U.S. or European risk retention regulations but does not permit the purchase of bonds and letters of credit to address Volcker Rule concerns.
York has priced two CLOs in 2016. The firm 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-4 Ltd./York CLO-4 LLC
|
| Amount: | $408 million
|
| Maturity: | Jan. 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | Three years
|
| Settlement date: | Dec. 13
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 163 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 223 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 694 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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