By Cristal Cody
Tupelo, Miss., June 24 – 3i Debt Management U.S. LLC refinanced $406 million of notes due April 20, 2023 in a 2012 vintage collateralized loan obligation offering, a market source said.
Fraser Sullivan CLO VII Ltd. refinanced $273.5 million of class A-1R senior secured floating-rate notes at Libor plus 108 basis points, tighter than where the original notes priced at Libor plus 130 bps.
The CLO sold $53.5 million of class A-2R senior secured floating-rate notes at Libor plus 180 bps, improved from where the notes originally priced at Libor plus 250 bps.
Fraser Sullivan CLO VII refinanced $39 million of class B-R senior secured deferrable floating-rate notes at Libor plus 250 bps, 50 bps better than the original print.
The CLO sold $21 million of class C-R senior secured deferrable floating-rate notes at Libor plus 345 bps, compared to where the notes first priced at Libor plus 400 bps.
The CLO also sold $19 million of class D-R senior secured deferrable floating-rate notes at Libor plus 525 bps, 25 bps better than where the tranche originally priced.
Citigroup Global Markets Inc. was the refinancing agent.
3i Debt Management is the CLO manager.
The CLO is backed primarily by broadly syndicated senior secured loans.
Proceeds from the transaction will be used to refinance the original classes of notes.
3i Debt Management has brought one new CLO deal year to date.
The New York City-based investment manager, a subsidiary of London-based 3i Group plc, priced two U.S. CLO deals in 2014.
| Issuer: | Fraser Sullivan CLO VII Ltd.
|
| Amount: | $406 million
|
| Maturity: | April 20, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | 3i Debt Management U.S. LLC
|
| Pricing date: | June 9
|
| Settlement date: | June 30
|
|
|
| Class A-1R notes
|
| Amount: | $273.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2R notes
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| Amount: | $53.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Standard & Poor’s: AA
|
|
|
| Class B-R notes
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| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Ratings: | Standard & Poor’s: A
|
|
|
| Class C-R notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | Standard & Poor’s: BBB
|
|
|
| Class D-R notes
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| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Ratings: | Standard & Poor’s: BB
|
|
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