Chicago, Oct. 8 – Ellington CLO Management LLC refinanced for $320.5 million five classes of notes from the collateralized loan obligation issued by Ellington CLO IV, Ltd./Ellington CLO IV LLC, according to a pre-sale report.
The notes will mature on April 16, 2029.
The CLO consists of $237.5 million of class A-R senior secured floating-rate notes at Libor plus 158 basis points, $45.1 million of class B-R senior secured floating-rate notes at Libor plus 200 bps, $29.2 million of class C-R senior secured deferrable floating-rate notes at Libor plus 275 bps, $5.7 million of class D-2-R 6.5% senior secured deferrable fixed-rate notes and $3 million of class E-2-R 11% senior secured deferrable fixed-rate notes.
In the original transaction, Ellington priced $237.5 million of class A senior secured floating-rate notes at Libor plus 184 bps and $45.13 million of class B senior secured floating-rate notes at Libor plus 250 bps.
The CLO also initially sold $29.21 million of class C secured deferrable floating-rate notes at Libor plus 330 bps, $32.78 million of class D-1 secured deferrable floating-rate notes at Libor plus 550 bps and $5.7 million of 8.03% class D-2 secured deferrable fixed-rate notes.
In addition, Ellington CLO placed $44.45 million of class E-1 secured deferrable floating-rate notes at Libor plus 850 bps; $3.05 million of 11.044% class E-2 secured deferrable fixed-rate notes; $6.98 million of class F-1 secured deferrable floating-rate notes at Libor plus 642 bps; $150,000 of 8.974% class F-2 secured deferrable fixed-rate notes and $73.55 million of junior subordinated notes.
The notes can be called starting June 17, 2022. The reinvestment period ended in April.
Collateral for the notes is a portfolio of broadly syndicated loans.
Barclays was the placement agent.
Ellington CLO Management is an affiliate of Old Greenwich, Conn.-based Ellington Management Group, LLC.
| Issuer: | Ellington CLO IV, Ltd./Ellington CLO IV LLC
|
| Issue: | Floating-rate and fixed-rate notes
|
| Amount: | $320.5 million
|
| Maturity: | April 16, 2029
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ellington CLO Management LLC
|
| Call feature: | June 17, 2022
|
| Settlement date: | June 17
|
|
|
| Class A-R notes
|
| Amount: | $237.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Rating: | Moody's: Aaa
|
| KBRA: AAA
|
|
|
| Class B-R notes
|
| Amount: | $45.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $29.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody's: Aa3
|
|
|
| Class D-2-R notes
|
| Amount: | $5.7 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.5%
|
| Rating: | Moody's: Baa1
|
|
|
| Class E-2-R notes
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| Amount: | $3 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 11%
|
| Rating: | Moody's: Ba3
|
|
|
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