By Cristal Cody
Tupelo, Miss., April 9 – Partners Group US Management CLO LLC priced $481.8 million of notes in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Pikes Peak CLO 3, Ltd. sold $304 million of class A floating-rate notes at Libor plus 143 basis points; $46 million of class B-1 floating-rate notes at Libor plus 210 bps; $7.4 million of 4.41% class B-2 fixed-rate notes; $21.35 million of class C floating-rate notes at Libor plus 295 bps; $27.3 million of class D floating-rate notes at Libor plus 390 bps; $28.5 million of class E floating-rate notes at Libor plus 686 bps and $47.25 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Partners Group US Management was last in the primary market in 2018 with the $409.8 million Pikes Peak CLO 2, Ltd. offering.
The global private markets investment management firm has U.S. offices in Denver, New York and Houston.
| Issuer: | Pikes Peak CLO 3, Ltd.
|
| Amount: | $481.8 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Partners Group US Management CLO LLC
|
| Call feature: | One year
|
| Pricing date: | March 29
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $304 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
|
| Amount: | $7.4 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.41%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $21.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $27.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 686 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $47.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
