By Cristal Cody
Tupelo, Miss., June 21 – Mariner Investment Group, LLC priced $510.85 million of notes due July 28, 2031 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
Mariner CLO 6 Ltd./Mariner CLO 6 LLC sold $310 million of class A floating-rate notes at Libor plus 110 basis points; $59.5 million of class B floating-rate notes at Libor plus 168 bps; $40.5 million of class C deferrable floating-rate notes at Libor plus 195 bps; $27 million of class D deferrable floating-rate notes at Libor plus 295 bps; $22 million of class E deferrable floating-rate notes at Libor plus 600 bps and $51.85 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
Mariner Investment Group is an alternative asset management firm based in New York City.
| Issuer: | Mariner CLO 6 Ltd./Mariner CLO 6 LLC
|
| Amount: | $510.85 million
|
| Maturity: | July 28, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Mariner Investment Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | June 12
|
| Settlement date: | July 17
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $59.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $40.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $51.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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