By Cristal Cody
Tupelo, Miss., Aug. 30 – Five Arrows Managers North America LLC refinanced $358 million of floating-rate notes due Aug. 13, 2025 in the Ocean Trails CLO IV/Ocean Trails CLO IV LLC transaction, according to a market source and a notice on Tuesday of executed second supplemental indenture.
The CLO priced $242.5 million of class A-R floating-rate notes at Libor plus 90 basis points; $51 million of class B-R floating-rate notes at Libor plus 145 bps; $27.75 million of class C-R floating-rate notes at Libor plus 180 bps; $20.25 million of class D-R floating-rate notes at Libor plus 300 bps and $16.5 million of class E-R floating-rate notes at Libor plus 510 bps.
Nomura Securities International, Inc. arranged the transaction.
Five Arrows Managers, formerly known as West Gate Horizons Advisors, LLC, is the CLO manager.
In the original $402.65 million transaction issued on Aug. 29, 2013, the CLO sold $2.65 million of class X floating-rate notes at Libor plus 100 bps; $242.5 million of class A floating-rate notes at Libor plus 130 bps; $51 million of class B floating-rate notes at Libor plus 225 bps; $25.75 million of class C floating-rate notes at Libor plus 300 bps; $20.25 million of class D floating-rate notes at Libor plus 400 bps; $16.5 million of class E floating-rate notes at Libor plus 530 bps; $8 million of class F floating-rate notes at Libor plus 590 bps and $36 million of subordinated notes.
Proceeds were used to redeem the original class A, B, C, D and E notes.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO IV/Ocean Trails CLO IV LLC
|
| Amount: | $358 million refinancing
|
| Maturity: | Aug. 13, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | Five Arrows Managers North America LLC
|
| Settlement date: | Aug. 29
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $242.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA+
|
|
|
| Class C-R notes
|
| Amount: | $27.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA-
|
|
|
| Class D-R notes
|
| Amount: | $20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A-
|
|
|
| Class E-R notes
|
| Amount: | $16.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Rating: | S&P: BB+
|
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