By Cristal Cody
Tupelo, Miss., March 15 – Five Arrows Managers North America LLC refinanced $348.5 million of fixed- and floating-rate notes at par in the Ocean Trails CLO V/Ocean Trails CLO V LLC transaction, according to a market source and a notice on Tuesday of changed pages to the proposed supplemental indenture.
The CLO priced $184.5 million of class A-1-R floating-rate notes at Libor plus 122 basis points; $50 million of class A-2-R floating-rate notes at Libor plus 122 bps; $10 million of 3.14% class A-3-R fixed-rate notes; $57.75 million of class B floating-rate notes at Libor plus 165 bps; $18 million of class C-1-R floating-rate notes at Libor plus 250 bps; $7 million of 4.7% class C-2-R fixed-rate notes and $21.25 million of class D-R floating-rate notes at Libor plus 360 bps.
The notes are due Oct. 13, 2026.
Nomura Securities International, Inc. arranged the transaction.
Five Arrows Managers, formerly known as West Gate Horizons Advisors, LLC, will manage the CLO.
Proceeds will be used to redeem the original notes that were priced in 2014.
In the original transaction, the class A-1 notes priced at Libor plus 150 bps, the class A-2 notes at Libor plus 166 bps and the class A-3 notes with a 3.47% coupon. The CLO’s class B notes priced at Libor plus 230 bps, the class C-1 notes at Libor plus 195 bps, the class C-2 notes with a 5.767% coupon and the class D notes at Libor plus 396 bps.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO V/Ocean Trails CLO V LLC
|
| Amount: | $348.5 million refinancing
|
| Maturity: | Oct. 13, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | Five Arrows Managers North America LLC
|
| Pricing date: | March 9
|
| Settlement date: | March 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $184.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-3-R notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.14%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.7%
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $21.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
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