By Cristal Cody
Tupelo, Miss., Feb. 2 – Fifth Street Management LLC priced $309.45 million of notes due Jan. 20, 2027 in a middle-market broadly syndicated collateralized loan obligation offering, according to a source on Monday.
Fifth Street Senior Loan Fund I, LLC sold $172.5 million of class A floating-rate notes at Libor plus 200 basis points; $28 million of class B floating-rate notes at Libor plus 300 bps; $11 million of class C-1 deferrable floating-rate notes at Libor plus 375 bps; $12 million of 6.113% class C-2 deferrable fixed-rate notes; $11.75 million of class D-1 deferrable floating-rate notes at Libor plus 510 bps; $10 million of class D-2 deferrable floating-rate notes at Libor plus 600 bps; $18 million of class E deferrable floating-rate notes at Libor plus 720 bps; $12 million of class F deferrable floating-rate notes at Libor plus 750 bps and $34.2 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
Fifth Street Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by a portfolio of middle-market senior secured loans.
Fifth Street Management is an alternative asset manager based in Greenwich, Conn.
| Issuer: | Fifth Street Senior Loan Fund I, LLC
|
| Amount: | $309.45 million
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Fifth Street Management LLC
|
| Call feature: | Jan. 20, 2017
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 19
|
|
|
| Class A notes
|
| Amount: | $172.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $11 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $12 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 6.113%
|
| Ratings: | Non-rated
|
|
|
| Class D-1 notes
|
| Amount: | $11.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-2 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $34.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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