By Cristal Cody
Tupelo, Miss., Oct. 23 – 325 Fillmore LLC sold $534.5 million of notes due in a refinancing of a 2014 broadly syndicated collateralized loan obligation deal, according to a market source and a notice of executed second supplemental indenture on Friday.
Elevation CLO 2014-2, Ltd. priced $3.5 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $320 million of class A-1L-R senior secured floating-rate notes at Libor plus 123 bps, $15 million of class A-2L-R senior secured floating-rate notes at Libor plus 135 bps and $45 million of class B-R senior secured floating-rate notes at Libor plus 175 bps.
The CLO also sold $27 million of class C-R secured deferrable floating-rate notes at Libor plus 220 bps, $30 million of class D-R secured deferrable floating-rate notes at Libor plus 320 bps, $23 million of class E-R secured deferrable floating-rate notes at Libor plus 635 bps. $9 million of class F-R secured deferrable floating-rate notes at Libor plus 864 bps and $62 million of subordinated notes.
MUFG was the refinancing placement agent.
325 Fillmore will remain as the CLO manager.
The maturity on the notes was extended to Oct. 15, 2029 from the original March 2026 maturity.
The reset CLO has a two-year non-call period and a four-year reinvestment period.
The original CLO was issued March 12, 2014. In that offering, the CLO priced $250 million of class A-1L notes at Libor plus 150 bps; $25 million of class A-1F notes with a 3.53% coupon; $54 million of class B notes at Libor plus 200 bps; $33 million of class C notes at Libor plus 275 bps; $24 million of class D notes at Libor plus 370 bps; $21 million of class E notes at Libor plus 472 bps; $7.5 million of class F notes at Libor plus 550 bps and $45.75 million of subordinated notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
325 Fillmore has priced two new CLOs and refinanced one vintage CLO year to date.
The CLO manager is an affiliate of Denver-based ArrowMark Colorado Holdings LLC.
| Issuer: | Elevation CLO 2014-2, Ltd.
|
| Amount: | $534.5 million refinancing
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | 325 Fillmore LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 19
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1L-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2L-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $23 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-R notes
|
| Amount: | $9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 864 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $62 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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