By Cristal Cody
Tupelo, Miss., Sept. 21 – York CLO Managed Holdings, LLC priced $510 million of notes due Oct. 22, 2031 in the firm’s first collateralized loan obligation deal since 2016, according to a market source.
York CLO-5 Ltd./York CLO-5 LLC sold $320 million of class A floating-rate notes at Libor plus 118 basis points; $51 million of class B floating-rate notes at Libor plus 175 bps; $15 million of class C-1 floating-rate notes at Libor plus 235 bps; $11 million of 5.093% class C-2 fixed-rate notes; $33 million of class D floating-rate notes at Libor plus 335 bps; $30 million of class E floating-rate notes at Libor plus 601 bps; $7.5 million of class F floating-rate notes at Libor plus 778 bps and $42.5 million of subordinated notes.
Goldman Sachs & Co. LLC arranged the offering.
York CLO Managed Holdings is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by first-lien senior secured loans.
York was last in the new issue primary market in 2016 when it priced two CLOs, including the York CLO-4 Ltd./York CLO-4 LLC transaction.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-5 Ltd./York CLO-5 LLC
|
| Amount: | $510 million
|
| Maturity: | Oct. 22, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $23 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.093%
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 601 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $7.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 778 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $42.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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