By Cristal Cody
Tupelo, Miss., July 17 – Five Arrows Managers North America LLC refinanced $275.5 million of notes due July 2028 from the vintage 2016 Ocean Trails CLO VI/Ocean Trails CLO VI LLC transaction, according to a market source.
The CLO priced $190 million of class A-R floating-rate notes at Libor plus 115 basis points, $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.
Natixis Securities Americas LLC arranged the transaction.
Five Arrows Managers will manage the CLO.
The refinanced CLO has a six-month non-call period and a one-year reinvestment period.
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.
Proceeds were used to redeem the outstanding notes.
Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.
| Issuer: | Ocean Trails CLO VI/Ocean Trails CLO VI LLC
|
| Amount: | $275.5 million refinancing
|
| Maturity: | July 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | Five Arrows Managers North America LLC
|
| Call feature: | Six months
|
| Pricing date: | July 10
|
| Settlement date: | July 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $190 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $41.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 745 bps
|
| Rating: | Moody’s: Ba3
|
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