By Cristal Cody
Tupelo, Miss., Jan. 23 – Alcentra NY, LLC priced $546.25 million of notes in a refinancing and reset of a vintage 2013 collateralized loan obligation deal, according to a market source and a notice of executed second supplemental indenture.
Shackleton 2013-III CLO, Ltd./Shackleton 2013-III CLO LLC sold $5 million of class X-R senior term floating-rate notes at Libor plus 60 basis points; $303 million of class A-R senior term floating-rate notes at Libor plus 112 bps; $70 million of class B-R senior term floating-rate notes at Libor plus 155 bps; $39 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 195 bps; $27 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 302 bps; $21 million of class E-R junior secured deferrable floating-rate notes at Libor plus 588 bps; $10 million of class F junior secured deferrable floating-rate notes at Libor plus 802 bps and $71.25 million of subordinated notes.
MUFG was the refinancing placement agent.
Alcentra will continue to manage the CLO.
The maturity on the notes was extended to July 15, 2030 from the original April 15, 2025 maturity.
The reset CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds were used to redeem the original notes, which were issued on March 28, 2013.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Alcentra refinanced three vintage CLOs in 2017.
The New York-based firm is part of BNY Alcentra Group Holdings, Inc.
| Issuer: | Shackleton 2013-III CLO, Ltd./Shackleton 2013-III CLO LLC
|
| Amount: | $546.25 million refinancing
|
| Maturity: | July 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | MUFG
|
| Manager: | Alcentra NY, LLC
|
| Call feature: | Two years
|
| Settlement date: | Jan. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior term floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $303 million
|
| Securities: | Senior term floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Securities: | Senior term floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 302 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $21 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 588 bps
|
| Rating: | S&P: BB
|
|
|
| Class F-R notes
|
| Amount: | $10 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 802 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $71.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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