NYL Investors offers up to $3 million of new class X notes with 10% coupon in 2018 CLO

By Cristal Cody

Tupelo, Miss., June 4 – NYL Investors LLC plans to price up to $3 million of new class X junior deferrable fixed-rate notes with a 10% coupon in the vintage 2018 Flatiron CLO 18 Ltd./Flatiron CLO 18 LLC transaction, according to a notice on Wednesday.

The class X notes will be issued with a principal amount of zero. The holders may fund the principal amount, up to $3 million, on the class X notes draw date. Following the draw date, the initial principal amount of the class X notes will equal the actual class X notes draw amount funded, according to the notice.

J.P. Morgan Securities LLC is the placement agent.

NY Investors is the CLO manager.

The original $511.6 million CLO notes due April 17, 2031 were issued on April 4, 2018.

Flatiron CLO 18 had 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.

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.

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