Chicago, April 8 – Five Arrows Managers North America LLC is again refinancing four classes of notes, this time for $205 million, from the 2016 Ocean Trails CLO VI/Ocean Trails CLO VI LLC transaction, according to a notice.
The second refinancing notes which are still due July 17, 2028 include the $136 million of class A-RR floating-rate notes at Libor plus 80 basis points, $41.5 million of class B-RR floating-rate notes at Libor plus 145 bps, $10.5 million of class C-RR deferrable floating-rate notes at Libor plus 225 bps and $17 million of class D-RR deferrable floating-rate notes at Libor plus 360 bps.
Not part of the refinancing, the $16.5 million of class E-R deferrable notes were upgraded to Ba3 from B1.
Five Arrows Managers will direct the management of the assets underlying the portfolio.
Collateral is mostly a portfolio of broadly syndicated senior secured corporate loans.
The non-call period has been extended as part of the refinancing transaction.
On the last refinancing, the CLO priced $190 million of class A-R floating-rate notes at Libor plus 115 bps, $41.5 million of class B-R floating-rate notes at Libor plus 175 bps, $10.5 million of C-R floating-rate notes at Libor plus 265 bps, $17 million of class D-R floating-rate notes at Libor plus 365 bps and $16.5 million of class E-R floating-rate notes at Libor plus 745 bps.
In the original $305.5 million deal issued June 15, 2016, the CLO sold $4 million of class X floating-rate notes at Libor plus 100 bps, $130.48 million of class A-1 floating-rate notes at Libor plus 175 bps, $52.64 million of class A-2A floating-rate notes at Libor plus 169 bps, $6.88 million of class A-2B floating-rate notes at Libor plus 210 bps, $41.5 million of class B floating-rate notes at Libor plus 258 bps, $10.5 million of class C floating-rate notes at Libor plus 345 bps, $17 million of class D floating-rate notes at Libor plus 500 bps, $16.5 million of class E floating-rate notes at Libor plus 775 bps and $26 million of subordinated notes.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
| Issuers: | Ocean Trails CLO VI/Ocean Trails CLO VI LLC
|
| Issue: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | $205 million
|
| Maturity: | July 17, 2028
|
| Manager: | Five Arrows Managers North America LLC
|
| Call: | Extended
|
| Announcement date: | April 6
|
|
|
| Class A-RR notes
|
| Amount: | $136 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-RR notes
|
| Amount: | $41.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class C-RR notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class D-RR notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Moody's: Baa1
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
