By Rebecca Melvin
New York, Sept. 18 – Eaton Vance Management priced $458,725,000 of notes due Oct. 26, 2030 in its first new collateralized loan obligation deal this year, according to a market source.
Eaton Vance CLO 2018-1 Ltd./Eaton Vance CLO 2018-1, LLC sold $276.75 million of class A-1 senior secured floating-rate notes at Libor plus 113 basis points; $15.75 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps; $49.5 million of class B senior secured floating-rate notes at Libor plus 170 bps; $26.5 million of class C senior secured deferrable floating-rate notes at Libor plus 215 bps; $27.25 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps; $18.25 million of class E secured deferrable floating-rate notes at Libor plus 580 bps; $44,725,000 of subordinated notes.
Wells Fargo Securities LLC was the underwriter.
Eaton Vance will manage the CLO.
The CLO has a non-call period that ends in October 2020. The reinvestment period ends in October 2023.
The deal is backed primarily by broadly syndicated loans and other assets that the manager trades in the primary and secondary markets.
Boston-based Eaton Vance Management, a subsidiary of Eaton Vance Corp., placed its last new CLO transaction in 2015.
| Issuer: | Eaton Vance CLO 2018-1 Ltd./Eaton Vance CLO 2018-1, LLC
|
| Amount: | $458,725,000
|
| Maturity: | Oct. 26, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Underwriter: | Wells Fargo Securities LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | October 2020
|
| Settlement date: | Oct. 26
|
|
|
| Class A-1 notes
|
| Amount: | $276.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $49.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $18.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $44,725,000
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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