By Cristal Cody
Tupelo, Miss., April 4 – NYL Investors LLC sold $511.6 million of notes due April 17, 2031 in a collateralized loan obligation transaction that closed on Wednesday, according to market sources.
Flatiron CLO 18 Ltd./Flatiron CLO 18 LLC priced $320 million of class A senior secured floating-rate notes at Libor plus 95 basis points; $60 million of class B senior secured floating-rate notes at Libor plus 135 bps; $26.5 million of class C senior secured deferrable floating-rate notes at Libor plus 170 bps; $31 million of class D senior secured deferrable floating-rate notes at Libor plus 260 bps; $22.5 million of class E senior secured deferrable floating-rate notes at Libor plus 515 bps and $51.6 million of subordinated notes.
J.P. Morgan Securities LLC arranged the offering.
NY Investors will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
Proceeds will be used to purchase a $500 million portfolio of mostly senior secured leveraged loans.
The CLO is backed mostly by broadly syndicated first lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
Issuer: | Flatiron CLO 18 Ltd./Flatiron CLO 18 LLC
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Amount: | $511.6 million
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Maturity: | April 17, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | NY Investors LLC
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Call feature: | Two years
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Pricing date: | Feb. 22
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Settlement date: | April 4
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Distribution: | Rule 144A, Regulation S
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Class A notes
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Amount: | $320 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 95 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class B notes
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Amount: | $60 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 135 bps
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Rating: | Moody’s: Aa2
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Class C notes
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Amount: | $26.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 170 bps
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Rating: | Moody’s: A2
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Class D notes
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Amount: | $31 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 260 bps
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Rating: | Moody’s: Baa3
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Class E notes
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Amount: | $22.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 515 bps
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Rating: | Moody’s: Ba3
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|
Equity
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Amount: | $51.6 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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