Saturn CLO directed to redeem notes, preferred shares on May 13

By Angela McDaniels

Tacoma, Wash., May 10 – Saturn CLO Ltd. and Saturn CLO, Inc. will redeem their notes and preferred shares on May 13, according to a filing with the London Stock Exchange.

The holders of at least two-thirds of the outstanding preferred shares issued in the collateralized loan obligation have directed the co-issuers to redeem the notes.

For each class of notes, the redemption price is equal to 100% of the outstanding principal amount plus accrued interest through the redemption date. The prices are as follows:

• $35,925,774.27 for the class A-1 notes;

• $37,461,479.70 for the class A-1-S notes;

• $24,054,415.60 for the class A-1-J notes;

• $27,566,338.71 for the class A-2 notes;

• $25,079,641.25 for the class B notes;

• $20,121,713.00 for the class C notes; and

• $20,223,213.00 for the class D notes.

For the preferred shares, the redemption price is a pro rata share of the amount, if any, equal to (i) until the amount of all distributions on preferred shares achieves an internal rate of return of 11.9% for the period from the closing date to and including the redemption date, 100% of the remaining proceeds of the collateral after giving effect to the payment of the redemption prices of the notes and all other amounts payable senior to the preferred shares and then, from and after the achievement of such internal rate of return, (ii) 80% of any remaining proceeds of the collateral.

The companies said that according to the collateral manager, PineBridge Investments, some of the collateral may not be sold or settle prior to the redemption date. As a result, additional amounts may become available for distribution to holders of preferred shares after the redemption date.

The redemption record date is April 28.

© 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.