By Cristal Cody
Tupelo, Miss., Dec. 22 – 325 Fillmore LLC sold $413 million of notes due Oct. 25, 2030 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Elevation CLO 2017-8, Ltd./Elevation CLO 2017-8 LLC priced $254 million of class A-1 senior secured floating-rate notes at Libor plus 116 basis points; $7 million of 3.57% class A-2 senior secured fixed-rate notes; $42 million of class B senior secured floating-rate notes at Libor plus 150 bps; $20 million of class C secured deferrable floating-rate notes at Libor plus 205 bps; $26 million of class D secured deferrable floating-rate notes at Libor plus 287 bps, $19 million of class E secured deferrable floating-rate notes at Libor plus 565 bps; $7 million of class F secured deferrable floating-rate notes at Libor plus 786 bps and $38 million of subordinated notes.
MUFG was the placement agent.
325 Fillmore will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
325 Fillmore has priced three new CLOs and refinanced one vintage CLO in 2017.
The CLO manager is an affiliate of Denver-based ArrowMark Colorado Holdings LLC.
Issuer: | Elevation CLO 2017-8, Ltd./Elevation CLO 2017-8 LLC
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Amount: | $413 million
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Maturity: | Oct. 25, 2030
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | MUFG
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Manager: | 325 Fillmore LLC
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Call feature: | Two years
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Settlement date: | Jan. 25
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|
Class A-1 notes
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Amount: | $254 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 116 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-2 notes
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Amount: | $7 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.57%
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Rating: | Moody’s: Aaa
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|
Class B notes
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Amount: | $42 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 150 bps
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Rating: | Moody’s: Aa2
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Class C notes
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Amount: | $20 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 205 bps
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Rating: | Moody’s: A2
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Class D notes
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Amount: | $26 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 287 bps
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Rating: | Moody’s: Baa3
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Class E notes
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Amount: | $19 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 565 bps
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Rating: | Moody’s: Ba3
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Class F notes
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Amount: | $7 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 786 bps
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Rating: | Moody’s: B3
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|
Equity
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Amount: | $38 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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