By Cristal Cody
Tupelo, Miss., May 23 – Newfleet Asset Management, LLC priced $355.8 million of notes due April 20, 2028 in a refinancing of the Newfleet CLO 2016-1, Ltd./Newfleet CLO 2016-1 LLC deal, according to a market source and notice of revised proposed first supplemental indenture on Tuesday.
The CLO priced $210.5 million of class A-1-R senior secured floating-rate notes at Libor plus 95 basis points and $17 million of 3.868% class A-2-R senior secured fixed-rate notes.
Newfleet also sold $38.5 million of class B-R senior secured floating-rate notes at Libor plus 165 bps; $21 million of class C-R secured deferrable floating-rate notes at Libor plus 200 bps; $17.5 million of class D-R secured deferrable floating-rate notes at Libor plus 295 bps; $15 million of class E-R secured deferrable floating-rate notes at Libor plus 585 bps and $36.3 million of subordinated notes.
Wells Fargo Securities, LLC was the refinancing agent.
Newfleet Asset Management will continue to manage the CLO.
Newfleet priced $356.3 million of notes due April 20, 2028 in the debut offering on May 17, 2016.
The CLO had placed $50 million of class X senior secured floating-rate notes at Libor plus 100 bps; $227.5 million of class A senior secured floating-rate notes at Libor plus 185 bps; $38.5 million of class B senior secured floating-rate notes at Libor plus 268 bps; $21 million of class C secured deferrable floating-rate notes at Libor plus 360 bps; $17.5 million of class D secured deferrable floating-rate notes at Libor plus 530 bps; $15 million of class E secured deferrable floating-rate notes at Libor plus 875 bps and $36.3 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Newfleet Asset Management is a Hartford, Conn.-based fixed income investment firm.
| Issuer: | Newfleet CLO 2016-1, Ltd./Newfleet CLO 2016-1 LLC
|
| Amount: | $355.8 million refinancing
|
| Maturity: | April 20, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities, LLC
|
| Manager: | Newfleet Asset Management, LLC
|
| Settlement date: | May 24
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $210.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $17 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.868%
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $38.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $17.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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