By Cristal Cody
Tupelo, Miss., April 29 – First Eagle Investment Management, LLC sold $407.5 million of notes due Oct. 25, 2028 at par in a refinancing and renaming of a previously reported vintage 2016 middle-market collateralized loan obligation transaction, according to a market source and a company news release on Monday.
The CLO manager rebranded its name from NewStar Financial, Inc. to its parent company’s name.
First Eagle Berkeley Fund CLO LLC, previously called NewStar Berkeley Fund CLO LLC, sold $290 million of class A-R senior secured floating-rate notes at Libor plus 166 basis points, $51.25 million of class B-R senior secured floating-rate notes at Libor plus 260 bps, $31.25 million of class C-R secured deferrable floating-rate notes at Libor plus 380 bps and $35 million of class D-R secured deferrable floating-rate notes at Libor plus 475 bps.
The class A-R notes had a weighted average spread of Libor plus 160 bps.
Citigroup Global Markets Inc. was the placement agent.
First Eagle Private Credit, LLC will manage the CLO.
The refinanced CLO has a one-year non-call period and a two-year reinvestment period.
In the original $505.5 million NewStar Berkeley Fund CLO 2016-1 transaction issued Nov. 29, 2016, the CLO priced $290 million of class A floating-rate notes at Libor plus 210 bps; $51.25 million of class B floating-rate notes at Libor plus 290 bps; $31.25 million of class C floating-rate notes at Libor plus 395 bps; $35 million of class D floating-rate notes at Libor plus 510 bps; $40.6 million of class E floating-rate notes at Libor plus 775 bps and $57.4 million of subordinated notes.
Proceeds were used to redeem the outstanding notes.
Boston-based First Eagle Private Credit is an investment management company.
| Issuer: | First Eagle Berkeley Fund CLO LLC
|
| Amount: | $407.5 million
|
| Maturity: | Oct. 25, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | First Eagle Private Credit, LLC
|
| Call feature: | One year
|
| Pricing date: | March 29
|
| Settlement date: | April 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $290 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 166 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $51.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $31.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $35 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3
|
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