By Cristal Cody
Tupelo, Miss., Feb. 20 – LCM Asset Management LLC sold $609.63 million of notes due 2027 in a collateralized loan obligation transaction, according to an informed source on Friday.
The LCM XVIII LP/LCM XVIII LLC CLO priced $349.75 million of class A-1 floating-rate notes at Libor plus 151 basis points; $20 million of 3.35% class A-2 fixed-rate notes; $88.5 million of class B floating-rate notes at Libor plus 230 bps; $36.75 million of class C floating-rate notes at Libor plus 315 bps; $30 million of class D floating-rate notes at Libor plus 380 bps and $27 million of class E floating-rate notes at Libor plus 535 bps.
The deal included $57.63 million of equity notes.
Deutsche Bank Securities Inc. was the placement agent.
LCM Asset Management will manage the CLO.
The New York City-based asset management firm brought three U.S. CLO transactions in 2014.
Issuer: | LCM XVIII LP/LCM XVIII LLC
|
Amount: | $609.63 million
|
Maturity: | 2027
|
Securities: | Floating-rate notes and equity notes
|
Structure: | Cash flow CLO
|
Placement agent: | Deutsche Bank Securities Inc.
|
Manager: | LCM Asset Management LLC
|
Pricing date: | Feb. 19
|
Distribution: | Rule 144A
|
|
Class A-1 notes
|
Amount: | $349.75 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 151 bps
|
Ratings: | Standard & Poor’s: AAA expected
|
| Fitch: AAA expected
|
|
Class A-2 notes
|
Amount: | $20 million
|
Securities: | Fixed-rate notes
|
Coupon: | 3.35%
|
Ratings: | Standard & Poor’s: AAA expected
|
| Fitch: AAA
|
|
Class B notes
|
Amount: | $88.5 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 230 bps
|
Ratings: | Standard & Poor’s: AA expected
|
|
Class C notes
|
Amount: | $36.75 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 315 bps
|
Ratings: | Standard & Poor’s: A expected
|
|
Class D notes
|
Amount: | $30 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 380 bps
|
Ratings: | Standard & Poor’s: BBB expected
|
|
Class E notes
|
Amount: | $27 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 535 bps
|
Ratings: | Standard & Poor’s: BB- expected
|
|
Equity tranche
|
Amount: | $57.63 million
|
Securities: | Notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.