Chicago, April 28 – First Eagle Alternative Credit, LLC refinanced four classes of notes for $282.4 million from the Arch Street CLO Ltd./Arch Street CLO LLC, according to a notice.
The issuer was originally listed as NewStar Capital, LLC.
The notes continue to mature on Oct. 20, 2028.
The refinancing notes include the $191.6 million of class A-R2 senior secured floating-rate notes at Libor plus 100 basis points, $48 million of class B-R2 senior secured floating-rate notes at Libor plus 170 bps, $20 million of class C-R2 senior secured deferrable floating-rate notes at Libor plus 230 bps and $22.8 million of class D-R2 senior secured deferrable floating-rate notes at Libor plus 345 bps.
The original transaction had $2.5 million of class X floating-rate notes at Libor plus 125 bps; $256 million of class A floating-rate notes at Libor plus 165 bps; $48 million of class B floating-rate notes at Libor plus 224 bps; $20 million of class C floating-rate notes at Libor plus 300 bps; $22.75 million of class D floating-rate notes at Libor plus 420 bps; $21 million of class E floating-rate notes at Libor plus 695 bps; $5.5 million of class F floating-rate notes at Libor plus 860 bps and $34 million of subordinated notes.
The class E-R and class F-R notes were refinanced in August of 2020 and, with the subordinated notes, remain outstanding.
First Eagle will manage the collateral during the transaction’s post-reinvestment period.
Collateral for the notes is based in a portfolio of broadly syndicated senior secured corporate loans.
NewStar was rebranded and took the name of its parent First Eagle.
First Eagle is a privately-owned investment management firm with headquarters in New York.
| Issuers: | Arch Street CLO Ltd./Arch Street CLO LLC
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| Issue: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Amount: | $282.4 million
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| Maturity: | Oct. 20, 2028
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| Manager: | First Eagle Alternative Credit, LLC
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| Announcement date: | April 20
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| Class A-R2 notes
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| Amount: | $191.6 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 100 bps
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| Rating: | Moody's: Aaa
|
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|
| Class B-R2 notes
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| Amount: | $48 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
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| Rating: | Moody's: Aa1
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| Class C-R2 notes
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| Amount: | $20 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 230 bps
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| Rating: | Moody's: Aa3
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| Class D-R2 notes
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| Amount: | $22.8 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 345 bps
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| Rating: | Moody's: Baa2
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