By Cristal Cody
Tupelo, Miss., July 1 – Five Arrows Managers North America LLC priced $302.75 million of notes due July 15, 2029 in the new issue Ocean Trails CLO 8/Ocean Trails CLO 8 LLC transaction, according to market sources.
The CLO priced $180 million of class A-1 floating-rate notes at Libor plus 195 basis points, $12 million of class A-2 floating-rate notes at Libor plus 220 bps and $33 million of class B floating-rate notes at Libor plus 250 bps.
Ocean Trail CLO 8 sold $19.5 million of C deferrable floating-rate notes at Libor plus 305 bps, $15 million of class D deferrable floating-rate notes at Libor plus 490 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 700 bps and $32.75 million of subordinated notes.
Barclays arranged the transaction.
Five Arrows Managers will manage the broadly syndicated CLO, which has a one-year non-call period and a one-year reinvestment period.
The CLO is backed primarily by senior secured loans.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO 8/Ocean Trails CLO 8 LLC
|
| Amount: | $302.75 million
|
| Maturity: | July 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Five Arrows Managers North America LLC
|
| Call feature: | One year
|
| Settlement date: | July 10
|
|
|
| Class A-1 notes
|
| Amount: | $180 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $32.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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