Chicago, Jan. 25 – Partners Group US Management CLO LLC is refinancing $406.05 million of notes from fives series of a broadly syndicated collateralized loan obligation offering, according to market sources.
Pikes Peak CLO 3, Ltd. sold $304 million of class A-R floating-rate notes at Libor plus 113 basis points (30 bps lower than the original transaction); $46 million of class B-1-R floating-rate notes at Libor plus 165 bps (45 bps lower than the original); $7.4 million of 2.15% class B-2-R fixed-rate notes (original notes were 4.41%); $21.35 million of class C-R floating-rate notes at Libor plus 212 bps (83 bps lower than the original) and $27.3 million of class D-R floating-rate notes at Libor plus 325 bps (65 bps lower than the original).
The original transaction from early 2019 also included $28.5 million of class E floating-rate notes at Libor plus 686 bps and $47.25 million of subordinated notes, which will remain outstanding.
The non-call period is being extended, alternative benchmark provisions have been added and changes have been made to the definition of “Adjusted Weighted Average Moody’s Rating Factor.”
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Partners Group will continue to direct the assets for the remaining reinvestment period.
The global private markets investment management firm has U.S. offices in Denver, New York and Houston.
| Issuer: | Pikes Peak CLO 3, Ltd.
|
| Amount: | $406.5 million, refinancing
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| Securities: | Fixed-rate, floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Manager: | Partners Group US Management CLO LLC
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| Announcement date: | Jan. 25
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| Distribution: | Rule 144A and Regulation S
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|
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| Class A-R notes
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| Amount: | $304 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 113 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1-R notes
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| Amount: | $46 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 165 bps
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| Rating: | Moody’s: Aa1
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|
|
| Class B-2-R notes
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| Amount: | $7.4 million
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| Securities: | Fixed-rate notes
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| Coupon: | 2.15%
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| Rating: | Moody’s: Aa1
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|
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| Class C-R notes
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| Amount: | $21.35 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 212 bps
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| Rating: | Moody’s: A1
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|
|
| Class D-R notes
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| Amount: | $27.3 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 325 bps
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| Rating: | Moody’s: Baa2
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