By Cristal Cody
Tupelo, Miss., Sept. 10 – Marathon Asset Management LP sold $460 million of notes due April 18, 2031 in a new collateralized loan obligation offering on Thursday, according to a market source.
The Marathon CLO XII Ltd./Marathon CLO XII LLC deal included $274.1 million of class A-1 senior secured floating-rate notes (Aaa/AAA) priced at Libor plus 118 basis points. Additional terms for the remaining tranches was not immediately available.
J.P. Morgan Securities LLC was the placement agent.
Marathon Asset Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Marathon has priced two new CLOs year to date.
The global credit manager is based in New York City.
| Issuer: | Marathon CLO XII Ltd./Marathon CLO XII LLC
|
| Amount: | $460 million
|
| Maturity: | April 18, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Marathon Asset Management LP
|
| Call feature: | Two years
|
| Pricing date: | Sept. 6
|
| Settlement date: | Oct. 11
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $274.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
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