Chicago, Jan. 26 – Eaton Vance Management priced $421.86 million of notes due January 2034 in a third refinancing of a vintage 2013 collateralized loan obligation deal, according to a market source.
Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC sold $4 million of class A-X-RRR amortizing notes with a floating-rate at Libor plus 65 basis points, $265.6 million class A-1-RRR floating-rate notes at Libor plus 125 bps, $48,762,500 of class A-2 RRR floating-rate notes at Libor plus 155 bps and $19,712,500 class B-RRR floating-rate notes at Libor plus 215 bps.
The transaction includes $23,862,500 of class C-RRR floating-rate notes at Libor plus 340 bps, $19.92 million of class D-RRR floating-rate notes at Libor plus 680 bps and a $40 million class of subordinated notes.
The CLO is backed primarily by first-lien non-investment-grade broadly syndicated loans.
The original transaction closed in November 2031 and issued refinancing notes in December 2016 and August 2019.
The non-call period ends in January 2023, and the end of the reinvestment period is in January 2026.
J.P. Morgan Securities LLC is the underwriter.
Eaton Vance will continue to manage the CLO.
In August 2019, the CLO sold $1.5 million of class A-X-RR senior secured floating-rate notes at Libor plus 70 bps; $270.6 million of class A-1-RR senior secured floating-rate notes at Libor plus 116 bps; $27.5 million of class A-2-RR senior secured floating-rate notes at Libor plus 185 bps; $27.5 million of class B-RR senior secured deferrable floating-rate notes at Libor plus 280 bps; $21 million of class C-RR senior secured deferrable floating-rate notes at Libor plus 380 bps and $21 million of class D-RR secured deferrable floating-rate notes at Libor plus 710 bps.
In the $401.9 million 2016 refinancing, the CLO had priced $2.4 million of class A-X senior secured floating-rate notes at Libor plus 100 bps; $260.6 million of class A-1-R senior secured floating-rate notes at Libor plus 142 bps; $58.9 million of class A-2-R senior secured floating-rate notes at Libor plus 210 bps; $27.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 300 bps; $21 million of class C-R senior secured deferrable floating-rate notes at Libor plus 425 bps; $21 million of class D-R secured deferrable floating-rate notes at Libor plus 760 bps; $1.5 million of class E-R secured deferrable floating-rate notes at Libor plus 575 bps and an additional $9 million of subordinated notes.
In the original issue, the $434,225,000 CLO sold $257 million of class A-1 senior secured floating-rate notes at Libor plus 136 bps; $60.1 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps; $36 million of class B senior secured deferrable floating-rate notes at Libor plus 275 bps; $21.3 million of class C senior secured deferrable floating-rate notes at Libor plus 330 bps; $17.2 million of class D secured deferrable floating-rate notes at Libor plus 500 bps; $7.5 million of class E secured deferrable floating-rate notes at Libor plus 575 bps and $35,125,000 of subordinated notes.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC
|
| Amount: | $421.86 million, third refinancing
|
| Maturity: | January 2034
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Eaton Vance Management
|
| Call option: | Starting January 2023
|
| Settlement date: | February 2021
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-X-RRR notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1-RRR notes
|
| Amount: | $265.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2-RRR notes
|
| Amount: | $48,762,500
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-RRR notes
|
| Amount: | $19,712,500
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-RRR notes
|
| Amount: | $23,862,500
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-RRR notes
|
| Amount: | $19.92 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
|
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