By Cristal Cody
Tupelo, Miss., March 4 – Exantas Capital Corp. priced a $522.6 million commercial real estate-backed collateralized loan obligation, according to a market source and a company news release.
In the offering, Exantas Capital Corp. 2020-RSO8, Ltd. sold $435.7 million of non-recourse floating-rate notes at a weighted average cost of Libor plus 143 basis points.
The CLO priced $295.3 million of class A notes (Aaa//DBRS: AAA) at Libor plus 115 bps, $39.2 million of class A-S notes (//DBRS: AAA) at Libor plus 145 bps, $26.1 million of class B notes (//DBRS: AA) at Libor plus 175 bps, $32.7 million of class C notes (//DBRS: A) at Libor plus 215 bps and $49 million of class D notes (//DBRS: BBB high) at Libor plus 250 bps and $16.3 million of class E notes (//DBRS: BBB low) at Libor plus 280 bps.
The deal included $28.75 million of class F subordinated notes (//DBRS: BB low), $20.91 million of class G subordinated notes notes (//DBRS: B low) and $37.24 million of preferred shares, all of which the company plans to retain.
The company also intends to purchase the class D and class E notes after the deal closes.
J.P. Morgan Securities LLC, Barclays and Wells Fargo Securities, LLC were the placement agents.
Resource Real Estate, LLC will manage the CLO.
The CLO has a final maturity of March 16, 2035.
The notes are collateralized by floating-rate commercial mortgage loans originated by the company.
Exantas Capital is a New York-based real estate investment trust that originates, holds and manages commercial mortgage loans and other commercial real estate-related debt investments. The company is externally managed by Exantas Capital Manager Inc., an indirect subsidiary of C-III Capital Partners LLC, a commercial real estate investment management and services company.
| Issuer: | Exantas Capital Corp. | 2019-RSO7, Ltd.
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| Amount: | $522.6 million
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| Maturity: | March 16, 2035
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| Securities: | Floating-rate notes, subordinated notes and preferred shares
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| Structure: | CRE CLO
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| Placement agents: | J.P. Morgan Securities LLC, Barclays and Wells Fargo Securities, LLC
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| Manager: | Resource Real Estate, LLC
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| Announcement date: | March 3
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| Settlement date: | March 12
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| Class A notes
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| Amount: | $295.3 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 115 bps
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| Ratings: | Moody’s: Aaa
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| DBRS: AAA
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| Class A-S notes
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| Amount: | $39.2 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 145 bps
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| Ratings: | DBRS: AAA
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| Class B notes
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| Amount: | $26.1 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 175 bps
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| Ratings: | DBRS: AA
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| Class C notes
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| Amount: | $32.7 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 215 bps
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| Ratings: | DBRS: A
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| Class D notes
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| Amount: | $26.1 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 250 bps
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| Ratings: | DBRS: BBB high
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| Class E notes
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| Amount: | $16.3 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 280 bps
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| Ratings: | DBRS: BBB low
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| Class F notes
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| Amount: | $28.75 million
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| Securities: | Floating-rate notes
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| Ratings: | DBRS: BB low
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| Class G notes
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| Amount: | $20.91 million
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| Securities: | Floating-rate notes
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| Ratings: | DBRS: B low
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| Equity
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| Amount: | $37.24 million
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| Securities: | Preferred shares
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| Ratings: | Non-rated
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