By Cristal Cody
Tupelo, Miss., Aug. 24 – Five Arrows Managers North America LLC sold $304.15 million of notes due Oct. 15, 2029 in the Ocean Trails CLO IX/Ocean Trails CLO IX LLC transaction, according to market sources.
The CLO priced $180 million of class A-1 floating-rate notes at Libor plus 187 basis points, $12 million of class A-2 floating-rate notes at Libor plus 227 bps, $27.5 million of class B-1 floating-rate notes at Libor plus 240 bps and $5.5 million of 2.67% class B-2 fixed-rate notes.
Also, the CLO sold $19.5 million of C deferrable floating-rate notes at Libor plus 300 bps, $15 million of class D deferrable floating-rate notes at Libor plus 491 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 680 bps and $34.15 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.
The CLO manager has priced two new CLOs year to date.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO IX/Ocean Trails CLO IX LLC
|
| Amount: | $304.15 million
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Fixed-rate, 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: | Aug. 28
|
|
|
| Class A-1 notes
|
| Amount: | $180 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 187 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 227 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-1 notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $5.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.67%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 491 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $34.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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