By Cristal Cody
Eureka Springs, Ark., Nov. 4 – LCM Asset Management LLC refinanced $330 million of notes due Oct. 15, 2026 from the vintage 2014 LCM XVII LP collateralized loan obligation offering, according to a market source.
The CLO sold $255 million of class A-R floating-rate notes at Libor plus 135 basis points, $53 million of class B-R floating-rate notes at Libor plus 185 bps and $22 million of class C-R floating-rate notes at Libor plus 250 bps.
BofA Merrill Lynch arranged the refinancing.
LCM Asset Management will continue to manage the CLO.
Proceeds from the offering will be used to redeem the original class A, B-1, B-2 and C notes.
The deal is collateralized primarily by broadly syndicated senior secured loans.
LCM Asset Management has priced three CLO transactions and refinanced one vintage CLO year to date.
The CLO manager brought three CLO deals and refinanced one vintage CLO in 2015.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM XVII LP
|
| Amount: | $330 million refinancing
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | LCM Asset Management LLC
|
| Pricing date: | Oct. 27
|
| Settlement date: | Nov. 22
|
|
|
| Class A-R notes
|
| Amount: | $255 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA (expected)
|
|
|
| Class B-R notes
|
| Amount: | $53 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
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