By Cristal Cody
Tupelo, Miss., Nov. 22 – Marble Point CLO Management LLC priced $508.5 million of notes due Dec. 18, 2030 in the new Marble Point CLO XI, Ltd./Marble Point CLO XI LLC transaction, according to a market source.
The CLO sold $325 million of class A floating-rate notes at Libor plus 118 basis points; $51.25 million of class B floating-rate notes at Libor plus 150 bps; $30 million of class C floating-rate notes at Libor plus 180 bps; $31.25 million of class D floating-rate notes at Libor plus 280 bps; $22.5 million of class E floating-rate notes at Libor plus 560 bps and $48.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Marble Point CLO Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment.
Proceeds will be used to purchase a portfolio of about $500 million of mostly first-lien senior secured leveraged loans.
The CLO is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
Marble Point CLO Management is part of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
| Issuer: | Marble Point CLO XI, Ltd./Marble Point CLO XI LLC
|
| Amount: | $508.5 million
|
| Maturity: | Dec. 18, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Marble Point CLO Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 18
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $325 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $51.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $31.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $48.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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