By Cristal Cody
Tupelo, Miss., July 23 – Z Capital Credit Partners, LLC priced $327.35 million of notes due July 16, 2031 in the manager’s first broadly syndicated collateralized loan obligation transaction of 2019, according to a market source.
Z Capital Credit Partners CLO 2019-1, Ltd./Z Capital Credit Partners CLO 2019-1, LLC sold $1.85 million of class A-X amortizing senior secured floating-rate notes at Libor plus 110 basis points, $55 million of class A-1 senior secured floating-rate notes at Libor plus 185 bps, $110 million of class A-2 senior secured floating-rate notes at Libor plus 164 bps and $11 million of 3.71% class A-3 senior secured fixed-rate notes.
The CLO also sold $26 million of class B senior secured floating-rate notes at Libor plus 270 bps; $22 million of class C secured deferrable floating-rate notes at Libor plus 400 bps; $26.5 million of class D secured deferrable floating-rate notes at Libor plus 525 bps; $25 million of class E secured deferrable floating-rate notes at Libor plus 923 bps and $50 million of subordinated notes.
Amherst Pierpont Securities LLC arranged the offering.
Z Capital CLO Management LLC will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are collateralized mainly by broadly syndicated first-lien senior secured loans.
Z Capital Credit Partners is a global investment firm with offices in New York and Chicago.
| Issuer: | Z Capital Credit Partners CLO 2019-1, Ltd./Z Capital Credit Partners CLO 2019-1, LLC
|
| Amount: | $327.35 million
|
| Maturity: | July 16, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Amherst Pierpont Securities LLC
|
| Manager: | Z Capital CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | June 19
|
| Settlement date: | July 23
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-X notes
|
| Amount: | $1.85 million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 notes
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| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $110 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 164 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-3 notes
|
| Amount: | $11 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.71%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $26.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 923 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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