By Cristal Cody
Tupelo, Miss., Sept. 6 – NYL Investors LLC sold $322 million of notes due April 15, 2027 in the Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC transaction, according to a notice of executed supplemental indenture on Tuesday.
The CLO priced $255 million of class A-R senior secured floating-rate notes at Libor plus 89 basis points, $47 million of class B-R senior secured floating-rate notes at Libor plus 140 bps and $20 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps.
Morgan Stanley & Co. LLC arranged the offering.
NY Investors will continue to manage the CLO.
The original $415 million CLO was issued on March 25, 2015. The CLO originally priced $3 million of class X floating-rate notes at Libor plus 100 bps; $255 million of class A floating-rate notes at Libor plus 140 bps; $47 million of class B floating-rate notes at Libor plus 215 bps; $20 million of class C floating-rate notes at Libor plus 320 bps; $24 million of class D floating-rate notes at Libor plus 345 bps; $22 million of class E floating-rate notes at Libor plus 470 bps; $8.5 million of class F floating-rate notes at Libor plus 550 bps and $35.5 million of subordinated notes.
Proceeds were used to redeem the original class A, B and C notes.
The deal is backed mostly by broadly syndicated first-lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
Issuer: | Flatiron CLO 2015-1 Ltd./Flatiron CLO 2015-1 LLC
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Amount: | $322 million refinancing
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Maturity: | April 15, 2027
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | Morgan Stanley & Co. LLC
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Manager: | NY Investors LLC
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Settlement date: | Aug. 31
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Distribution: | Rule 144A, Regulation S
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Class A-R notes
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Amount: | $255 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 89 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class B-R notes
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Amount: | $47 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 140 bps
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Rating: | Moody’s: Aa1
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Class C-R notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 190 bps
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Rating: | Moody’s: A2
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