By Cristal Cody
Tupelo, Miss., Aug. 25 – Marble Point CLO Management LLC priced $494.5 million of notes in the new issue Marble Point CLO XVIII, Ltd./Marble Point CLO XVIII LLC transaction, according to market sources.
The CLO sold $300 million of class A floating-rate notes at Libor plus 190 basis points; $43 million of class B-1 floating-rate notes at Libor plus 260 bps and $33 million of 3.02% class B-2 fixed-rate notes.
Marble Point XVIII sold $29 million of class C deferrable floating-rate notes at Libor plus 296 bps; $13.75 million of class D-1 deferrable floating-rate notes at Libor plus 378 bps, $13.75 million of class D-2 floating-rate notes at Libor plus 541 bps, $17.5 million of class E deferrable floating-rate notes at Libor plus 797 bps and $44.5 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The fixed- and floating-rate tranches are due Oct. 15, 2031. The subordinated notes are due Oct. 15, 2050.
The CLO has a one-year non-call period and a three-year reinvestment.
The issue is backed mostly by broadly syndicated first-lien senior secured corporate loans.
Marble Point CLO Management has priced two new CLOs year to date.
The CLO manager is an affiliate of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
| Issuer: | Marble Point CLO XVIII, Ltd./Marble Point CLO XVIII LLC
|
| Amount: | $494.5 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Marble Point CLO Management LLC
|
| Call feature: | One year
|
| Pricing date: | Aug. 12
|
| Settlement date: | Sept. 4
|
|
|
| Class A notes
|
| Amount: | $300 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $43 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $33 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.02%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $29 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 296 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $13.75 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 378 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $13.75 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 541 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 797 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44.5 million
|
| Maturity: | Oct. 15, 2050
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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