By Cristal Cody
Tupelo, Miss., April 22 – Eaton Vance Management priced $405.2 million of notes due April 15, 2032 in a new collateralized loan obligation deal, according to a market source on Monday.
Eaton Vance CLO 2019-1 Ltd./Eaton Vance CLO 2019-1, LLC sold $246 million of class A-1 senior secured floating-rate notes at Libor plus 133 basis points, $14 million of class A-2 senior secured floating-rate notes at Libor plus 170 bps and $44 million of class B senior secured floating-rate notes at Libor plus 185 bps.
The CLO priced $19 million of class C senior secured deferrable floating-rate notes at Libor plus 265 bps, $24.25 million of class D senior secured deferrable floating-rate notes at Libor plus 375 bps, $20.75 million of class E secured deferrable floating-rate notes at Libor plus 680 bps and $37.2 million of subordinated notes.
Wells Fargo Securities, LLC arranged the transaction.
Eaton Vance will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2019-1 Ltd./Eaton Vance CLO 2019-1, LLC
|
| Amount: | $405.2 million
|
| Maturity: | April 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | Two years
|
| Settlement date: | May 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Coupon: | Libor plus 133 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Coupon: | Libor plus 170 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Coupon: | Libor plus 185 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $19 million
|
| Coupon: | Libor plus 265 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24.25 million
|
| Coupon: | Libor plus 375 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20.75 million
|
| Coupon: | Libor plus 680 bps
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $37.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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