By Cristal Cody
Tupelo, Miss., June 27 – 325 Fillmore LLC sold $410.5 million of notes due July 15, 2029 in a broadly syndicated collateralized loan obligation deal, according to a market source.
Elevation CLO 2017-6, Ltd. priced $256 million of class A-1 senior secured floating-rate notes at a discount margin of Libor plus 128 basis points, $36 million of class B senior secured floating-rate notes at a discount margin of Libor plus 185 bps and $24 million of class C secured deferrable floating-rate notes at a discount margin of Libor plus 270 bps.
The CLO sold $22 million of class D secured deferrable floating-rate notes at a discount margin of Libor plus 380 bps; $18 million of class E secured deferrable floating-rate notes at a discount margin of Libor plus 715 bps; $8 million of class F secured deferrable floating-rate notes at a discount margin of Libor plus 925 bps and $34.5 million of subordinated notes. The deal also included $12 million of class A-2 senior secured floating-rate notes.
Goldman Sachs & Co. LLC was the placement agent.
325 Fillmore will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed primarily by broadly syndicated first lien senior secured corporate loans.
325 Fillmore is an affiliate of Denver-based ArrowMark Colorado Holdings LLC.
| Issuer: | Elevation CLO 2017-6, Ltd.
|
| Amount: | $410.5 million
|
| Maturity: | July 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | 325 Fillmore LLC
|
| Call feature: | Two years
|
| Pricing date: | June 16
|
| Settlement date: | July 25
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 128 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 270 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 380 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 715 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Discount margin: | Libor plus 925 bps
|
| Ratings: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $34.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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