By Cristal Cody
Tupelo, Miss., Feb. 9 – Guggenheim Partners Investment Management LLC sold $776.4 million of notes in a refinancing of a vintage 2015 collateralized loan obligation transaction, according to a notice of proposed supplemental indenture and optional redemption on Thursday.
NZCG Funding Ltd./NZCG Funding LLC priced $540 million of class A-1-R senior secured floating-rate notes at Libor plus 112 basis points; $101 million of class A-2-R senior secured floating-rate notes at Libor plus 155 bps; $50 million of class B-R mezzanine secured deferrable floating-rate notes at Libor plus 180 bps; $51.4 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 275 bps and $34 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 560 bps.
Citigroup Global Markets Inc. arranged the offering.
Guggenheim will continue to manage the CLO.
The maturity on the notes was extended to February 2031 from the original Feb. 25, 2027 maturity.
The CLO has a two-year non-call period and a five-year reinvestment period.
The original $846.1 million CLO was issued on Feb. 25, 2015. The CLO had priced $514 million of class A-1 floating-rate notes at Libor plus 177 bps; $82.6 million of class A-2 floating-rate notes at Libor plus 275 bps; $49.7 million of class B floating-rate notes at Libor plus 350 bps; $46.5 million of class C floating-rate notes at Libor plus 410 bps; $51.4 million of class D floating-rate notes at Libor plus 565 bps and $101.9 million of preferred securities.
Proceeds will be used to redeem the original notes.
Guggenheim Partners Investment Management is an investment management firm based in New York and Chicago.
| Issuer: | NZCG Funding Ltd./NZCG Funding LLC
|
| Amount: | $776.4 million refinancing
|
| Maturity: | February 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Guggenheim Partners Investment Management LLC
|
| Call feature: | February 2020
|
| Settlement date: | Feb. 26
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $540 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $101 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
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| Amount: | $50 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
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| Amount: | $51.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
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| Amount: | $34 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Moody’s: Ba3 expected
|
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