By Cristal Cody
Tupelo, Miss., May 8 – Anchorage Capital Group, LLC sold $540 million of notes due July 28, 2030 in a cash flow CDO transaction, according to a market source.
Anchorage Credit Funding 1, Ltd./Anchorage Credit Funding 1, LLC priced $254.2 million of 4.3% class A senior secured fixed-rate notes; $63.5 million of 5.3% class B senior secured fixed-rate notes; $30.8 million of 6.3% class C mezzanine secured deferrable fixed-rate notes and $191.5 million of subordinated notes.
GreensLedge Capital Markets LLC arranged the offering.
Anchorage Capital Group will manage the deal.
The notes are non-callable until July 28, 2017. The reinvestment period ends July 28, 2020.
The transaction is collateralized primarily by corporate bonds and loans.
Anchorage Capital Group previously sold the $569.93 Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC broadly syndicated CLO offering on March 11.
The New York City-based global asset manager brought three CLO transactions in 2014.
| Issuer: | Anchorage Credit Funding 1, Ltd./Anchorage Credit Funding 1, LLC
|
| Amount: | $540 million
|
| Maturity: | July 28, 2030
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CDO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | July 28, 2017
|
| Pricing date: | May 7
|
| Settlement date: | June 9
|
|
|
| Class A notes
|
| Amount: | $254.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.3%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $63.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.3%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $30.8 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 6.3%
|
| Rating: | Moody’s: A2
|
|
|
| Equity
|
| Amount: | $191.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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