By Cristal Cody
Tupelo, Miss., March 8 – Ellington CLO Management LLC closed Friday on a $478.49 million new issue collateralized loan obligation, according to market sources.
In the offering, Ellington CLO IV, Ltd./Ellington CLO IV LLC priced $237.5 million of class A senior secured floating-rate notes at Libor plus 184 basis points and $45.13 million of class B senior secured floating-rate notes at Libor plus 250 bps.
The CLO also 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.
Barclays was the placement agent.
The notes are due April 15, 2029.
The CLO has a one-year non-call period and a two-year reinvestment period.
The issue is collateralized mainly by broadly syndicated senior secured corporate loans.
Ellington CLO Management, an affiliate of Old Greenwich, Conn.-based Ellington Management Group, LLC, has priced four CLOs since it was formed in 2017.
| Issuer: | Ellington CLO IV, Ltd./Ellington CLO IV LLC
|
| Amount: | $478.49 million
|
| Maturity: | April 15, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Ellington CLO Management LLC
|
| Call feature: | April 15, 2020
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 8
|
|
|
| Class A notes
|
| Amount: | $237.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 184 bps
|
| Ratings: | Moody’s: Aaa
|
| Kroll: Aaa
|
|
|
| Class B notes
|
| Amount: | $45.13 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $29.21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $32.78 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $5.7 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 8.03%
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
|
| Amount: | $44.45 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-2 notes
|
| Amount: | $3.05 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 11.044%
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-1 notes
|
| Amount: | $6.98 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 642 bps
|
| Rating: | Moody’s: B3
|
|
|
| Class F-2 notes
|
| Amount: | $150,000
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 8.974%
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $73.55 million
|
| Securities: | Junior subordinated notes
|
| Ratings: | Non-rated
|
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