By Cristal Cody
Tupelo, Miss., July 30 – First Eagle Private Credit, LLC sold $256,583,540 of notes due Jan. 25, 2027 in a refinancing and renaming of a vintage 2015 middle-market collateralized loan obligation transaction, according to a market source and a notice of executed first supplemental indenture.
First Eagle Clarendon Fund CLO LLC, previously called NewStar Clarendon Fund CLO LLC, priced $188,383,544 of class A-R senior secured floating-rate notes at Libor plus 130 basis points, $42.7 million of class B-R senior secured floating-rate notes at Libor plus 205 bps and $25.5 million of class C-R secured deferrable floating-rate notes at Libor plus 305 bps.
Citigroup Global Markets Inc. was the refinancing placement agent.
First Eagle Private Credit, which changed its name from NewStar Financial, Inc., will manage the CLO.
The original transaction was issued Jan. 15, 2015.
Proceeds were used to redeem the outstanding notes.
The three tranches of refinanced notes were approved Tuesday for listing and trading on Euronext Dublin’s Global Exchange Market.
The middle-market CLO is backed primarily by small and medium enterprise loans.
Boston-based First Eagle Private Credit is an investment management company.
| Issuer: | First Eagle Berkeley Fund CLO LLC
|
| Amount: | $256,583,540 refinancing
|
| Maturity: | Jan. 25, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | First Eagle Private Credit, LLC
|
| Pricing date: | July 1
|
| Settlement date: | July 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $288,383,544
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $42.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $25.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Moody’s: A2
|
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