By Cristal Cody
Tupelo, Miss., March 31 – Deutsche Investment Management Americas Inc. refinanced $350.85 million of notes due Jan. 18, 2026 in the vintage Flagship CLO VII Ltd. collateralized loan obligation deal, according to a market source.
The CLO priced $241.1 million of class A-1-R floating-rate notes at Libor plus 112 basis points; $20 million of 2.7% class A-2-R fixed-rate notes; $60.55 million of class B-R floating-rate notes at Libor plus 155 bps and $29.2 million class C-R floating-rate notes at Libor plus 235 bps.
Deutsche Bank Securities Inc. was the refinancing agent.
Deutsche Investment Management is the CLO manager.
In the original transaction priced in December 2013 and closed Feb. 5, 2014, the CLO sold $241.1 million of class A-1 senior secured floating-rate notes at Libor plus 147 bps, $20 million of 3.53% class A-2 senior secured fixed-rate notes, $60.55 million of class B senior secured floating-rate notes at Libor plus 210 bps and $29.2 million of class C deferrable floating-rate notes at Libor plus 296 bps.
The CLO also originally sold $23.1 million of class D deferrable floating-rate notes at Libor plus 375 bps, $18.6 million of class E deferrable floating-rate notes at Libor plus 475 bps, $9.55 million of class F deferrable floating-rate notes at Libor plus 525 bps and $39.71 million of subordinated notes.
Proceeds from the transaction will be used to redeem the original class A-1, A-2, B and C notes.
The class D, E and F notes were not refinanced.
Deutsche Investment Management is a subsidiary of Deutsche Asset & Wealth Management, part of Deutsche Bank AG.
| Issuer: | Flagship CLO VII Ltd.
|
| Amount: | $350.85 million refinancing
|
| Maturity: | Jan. 18, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank Securities Inc.
|
| Manager: | Deutsche Investment Management Americas Inc.
|
| Pricing date: | March 22
|
|
|
| Class A-1-R notes
|
| Amount: | $241.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-2-R notes
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| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.7%
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class B-R notes
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| Amount: | $60.55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
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| Amount: | $29.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A expected
|
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