By Cristal Cody
Tupelo, Miss., July 27 – JMP Credit Advisors LLC sold $407,825,000 of senior notes due July 17, 2030 in the JMP Credit Advisors CLO V Ltd./JMP Credit Advisors CLO V LLC transaction, according to a market source and an 8-K filing with the Securities and Exchange Commission from parent company JMP Group LLC on Friday.
The CLO sold $256 million of class A senior secured floating-rate notes at Libor plus 119 basis points; $48 million of class B senior secured floating-rate notes at Libor plus 190 bps; $22 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 235 bps; $22 million of class D C mezzanine secured deferrable floating-rate notes at Libor plus 335 bps and $20 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 632 bps.
The deal included $10 million of of senior subordinated notes that have a coupon of Libor plus 690 bps and $29,825,000 of junior subordinated notes that do not bear interest as equity.
On each payment date, the senior subordinated notes will be entitled to receive the coupon and 55% of all remaining interest proceeds and all remaining principal proceeds before any distributions on the junior subordinated notes. A JMP Group subsidiary purchased $2.5 billion of the senior subordinated notes and all of the junior subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
JMP Credit Advisors will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed by a portfolio of broadly syndicated first lien senior secured leveraged loans.
JMP Credit Advisors is an asset manager based in Alpharetta, Ga.
| Issuer: | JMP Credit Advisors CLO V Ltd./JMP Credit Advisors CLO V LLC
|
| Amount: | $407,825,000
|
| Maturity: | July 17, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | JMP Credit Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | June 21
|
| Settlement date: | July 26
|
| Distribution: | SEC registered
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 632 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $10 million
|
| Securities: | Senior subordinated notes
|
| Coupon: | Libor plus 690 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $29,825,000
|
| Securities: | Junior subordinated notes
|
| Ratings: | Non-rated
|
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