By Cristal Cody
Tupelo, Miss., July 16 – LCM Asset Management LLC priced $617.5 million of notes due July 20, 2027 in a collateralized loan obligation deal, according to a market source.
LCM XIX LP/LCM XIX LLC sold $363 million of class A floating-rate notes at Libor plus 147 basis points at 99.94; $81 million of class B floating-rate notes at Libor plus 200 bps at par; $45 million of class C deferrable floating-rate notes at Libor plus 270 bps at par; $34.5 million of class D deferrable floating-rate notes at Libor plus 345 bps at 96; $10 million of class E-1 deferrable floating-rate notes at Libor plus 645 bps at par; $17 million of class E-2 deferrable floating-rate notes at Libor plus 570 bps at 94.92 and $67 million of limited participation certificates.
Morgan Stanley & Co. LLC was the placement agent.
LCM Asset Management is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
LCM has priced one new CLO and refinanced a vintage 2012 CLO year to date.
The New York City-based asset management firm brought three CLO transactions in 2014.
| Issuer: | LCM XIX LP/LCM XIX LLC
|
| Amount: | $617.5 million
|
| Maturity: | July 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | 2017
|
| Pricing date: | June 30
|
| Settlement date: | July 28
|
|
|
| Class A notes
|
| Amount: | $363 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Price: | 99.94
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $81 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $45 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $34.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Price: | 96
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E-1 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Class E-2 notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Price: | 94.92
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Equity
|
| Amount: | $67 million
|
| Securities: | Subordinated notes
|
| Ratings: | 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.
