By Cristal Cody
Tupelo, Miss., Jan. 23 – York CLO Managed Holdings, LLC priced $402.8 million of notes due Jan. 22, 2033 in the manager’s first broadly syndicated collateralized loan obligation to be issued in 2020, according to market sources.
York CLO-7 Ltd./York CLO-7 LLC sold $230.5 million of class A-1 floating-rate notes at Libor plus 137 basis points and $25.5 million of 3.149% class A-2 fixed-rate notes.
The CLO also priced $23 million of class B-1 floating-rate notes at Libor plus 185 bps and $23 million of 3.734% class B-2 fixed-rate notes.
York CLO sold $26 million of class C deferrable floating-rate notes at Libor plus 275 bps, $20 million of class D deferrable floating-rate notes at Libor plus 380 bps, $18 million of class E deferrable floating-rate notes at Libor plus 694 bps and $36.8 million of subordinated notes.
Barclays was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by senior secured loans.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
Issuer: | York CLO-7 Ltd./York CLO-7 LLC
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Amount: | $402.8 million
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Maturity: | Jan. 22, 2033
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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: | Barclays
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Manager: | York CLO Managed Holdings, LLC
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Call feature: | Two years
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Pricing date: | Dec. 20
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Settlement date: | Jan. 28
|
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Class A-1 notes
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Amount: | $230.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 137 bps
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Rating: | S&P: AAA
|
|
Class A-2 notes
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Amount: | $25.5 million
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Securities: | Fixed-rate notes
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Coupon: | 3.149%
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Rating: | S&P: 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 185 bps
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Rating: | S&P: AA
|
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Class B-2 notes
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Amount: | $23 million
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Securities: | Fixed-rate notes
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Coupon: | 3.734%
|
Rating: | S&P: AA
|
|
Class C notes
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Amount: | $26 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 275 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $20 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 380 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $18 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 694 bps
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Rating: | S&P: BB-
|
|
Equity
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Amount: | $36.8 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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