Chicago, Jan. 29 – Marble Point CLO Management LLC priced $404 million of notes due Jan. 19, 2034 in the Marble Point CLO XIX, Ltd./Marble Point CLO XIX LLC broadly syndicated loan obligation transaction, according to a market source.
The CLO has priced $2 million of class X floating-rate notes at Libor plus 85 basis points, $248 million of class A floating-rate notes at Libor plus 144 bps and $56 million of class B floating-rate notes at Libor plus 190 bps.
The transaction also includes $22 million of class C deferrable floating-rate notes at Libor plus 260 bps, $23 million of class D deferrable floating-rate notes at Libor plus 390 bps and $14 million of class E deferrable floating-rate notes at Libor plus 750 bps. There is a $39 million class of subordinated notes.
Marble Point CLO Management will manage the CLO through the CLO’s reinvestment period end date on Jan. 19, 2026.
There are three years of call protection.
Barclays is the arranger.
The notes will be collateralized primarily by secured loans, cash and eligible investments with most of the borrowers based in the U.S. or Canada.
Marble Point CLO Management is part of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
| Issuer: | Marble Point CLO XIX, Ltd./Marble Point CLO XIX LLC
|
| Amount: | $404 million
|
| Maturity: | Jan. 19, 2034
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Arranger: | Barclays
|
| Manager: | Marble Point CLO Management LLC
|
| Call protection: | Three years
|
| Announcement date: | Jan. 29
|
| Settlement date: | Feb. 3
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $22 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $23 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
|
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