By Cristal Cody
Tupelo, Miss., Sept. 15 – Five Arrows Managers North America LLC sold $302.2 million of notes due Oct. 15, 2031 in the new Ocean Trails CLO X/Ocean Trails CLO X LLC broadly syndicated transaction, according to a market source.
Ocean Trails CLO X priced $160 million of class A-1 floating-rate notes at Libor plus 155 basis points, $20 million of 1.83% class A-2 fixed-rate notes, $22.5 million of class B-1 floating-rate notes at Libor plus 210 bps and $22.5 million of 2.51% class B-2 fixed-rate notes.
The CLO also sold $19.5 million of C deferrable floating-rate notes at Libor plus 320 bps, $15 million of class D deferrable floating-rate notes at Libor plus 470 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 846 bps and $32.2 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
Five Arrows Managers will manage the CLO, which has a one-year non-call period and a three-year reinvestment period.
The CLO is backed primarily by broadly syndicated senior secured loans.
Five Arrows has priced three new CLOs year to date.
The Los Angeles-based investment manager is a subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO X/Ocean Trails CLO X LLC
|
| Amount: | $302.2 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Five Arrows Managers North America LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 10
|
| Settlement date: | Oct. 29
|
|
|
| Class A-1 notes
|
| Amount: | $160 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.83%
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.51%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 846 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $32.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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