By Cristal Cody
Tupelo, Miss., March 16 – Silvermine Capital Management LLC brought a $512.4 collateralized loan obligation transaction, according to a market source.
The ECP CLO 2015-7 Ltd./ECP CLO 2015-7 LLC vehicle priced $321.1 million of class A-1 floating-rate notes at Libor plus 155 basis points; $60 million of class A-2 floating-rate notes at Libor plus 230 bps; $25 million of class B-1 floating-rate notes at Libor plus 310 bps; $2.8 million of 5.22% class B-2 fixed-rate notes; $27.2 million of class C floating-rate notes at Libor plus 365 bps; $22.2 million of class D floating-rate notes at Libor plus 490 bps; $6.1 million of class E floating-rate notes at Libor plus 540 bps and $48 million of subordinated notes.
Citigroup Global Markets Inc. arranged the deal.
Silvermine Capital Management LLC will manage the CLO.
The Stamford, Conn.-based employee-owned asset management firm priced three CLO deals in 2014.
| Issuer: | ECP CLO 2015-7 Ltd./ECP CLO 2015-7 LLC
|
| Amount: | $512.4 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Silvermine Capital Management LLC
|
| Pricing date: | March 10
|
|
|
| Class A-1 notes
|
| Amount: | $321.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class B-2 notes
|
| Amount: | $2.8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.22%
|
| Expected rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $27.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $22.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $6.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Expected rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | $48 million
|
| Securities: | Subordinated notes
|
| Rating: | 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.
