By Cristal Cody
Tupelo, Miss., Nov. 28 – ArrowMark Colorado Holdings LLC sold $409.9 million of notes due Oct. 20, 2031 in a new broadly syndicated collateralized loan obligation offering that closed on Wednesday, according to a market source.
Elevation CLO 2018-10, Ltd./Elevation CLO 2018-10 LLC priced $1 million of class X senior secured floating-rate notes at Libor plus 68 basis points, $256 million of class A senior secured floating-rate notes at Libor plus 127 bps and $42.7 million of class B senior secured floating-rate notes at Libor plus 190 bps.
In the secured deferrable floating-rate tranches, the CLO priced $20.5 million of class C notes at Libor plus 235 bps; $25.3 million of class D notes at Libor plus 345 bps, $23.5 million of class E notes at Libor plus 629 bps and $40.9 million of subordinated notes.
MUFG was the placement agent.
ArrowMark Colorado Holdings will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The company has priced two new CLOs and refinanced one vintage CLO year to date. In 2017, ArrowMark priced three new CLOs and refinanced one vintage CLO.
The investment management firm is based in Denver.
| Issuer: | Elevation CLO 2018-10, Ltd./Elevation CLO 2018-10 LLC
|
| Amount: | $409.9 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | ArrowMark Colorado Holdings LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 28
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 68 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $42.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | $25.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $23.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 629 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $40.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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