By Cristal Cody
Tupelo, Miss., April 6 – Alcentra NY LLC priced $508 million of notes due April 15, 2027 in a collateralized loan obligation offering, according to a market source.
Shackleton 2015-VII CLO, Ltd./Shackleton 2015-VII CLO, LLC sold $320 million of class A secured floating-rate notes at Libor plus 154 basis points; $57.5 million of class B secured floating-rate notes at Libor plus 230 bps; $35 million of class C deferrable secured floating-rate notes at Libor plus 310 bps; $24.75 million of class D deferrable secured floating-rate notes at Libor plus 380 bps; $23.75 million of class E deferrable secured floating-rate notes at Libor plus 520 bps and $47 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the deal.
Alcentra will manage the CLO.
The notes are non-callable until Oct. 15, 2016. The reinvestment period on the CLO ends April 15, 2019.
The offering is backed primarily by a revolving pool of broadly syndicated senior secured loans.
New York-based Alcentra, part of BNY Alcentra Group Holdings, Inc., priced two U.S. CLO transactions in 2014.
| Issuer: | Shackleton 2015-VII CLO, Ltd./Shackleton 2015-VII CLO, LLC
|
| Amount: | $508 million
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Alcentra NY LLC
|
| Call feature: | Oct. 15, 2016
|
| Pricing date: | March 27
|
| Settlement date: | April 30
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 154 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $57.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Deferrable secured floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Deferrable secured floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $23.75 million
|
| Securities: | Deferrable secured floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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