Chicago, Aug. 26 – Zais Group, LLC priced a $400 million collateralized loan obligation offering.
Zais CLO 13, Ltd. sold $215 million class A-1A senior secured floating-rate notes with a coupon of Libor plus 149 basis points, $25 million of 3.48% class A-1B senior secured fixed-rate notes and $20 million class A-2A senior secured floating-rate notes with a coupon of Libor plus 196 bps.
Also priced were $4 million of 3.93% class A-2B senior secured fixed-rate notes, $16 million class B-1 senior secured floating-rate notes with a coupon of Libor plus 235 bps, $22 million 4.4% class B-2 senior secured fixed-rate notes, $21 million class C-1 deferrable mezzanine floating-rate notes with a coupon of Libor plus 345 bps, $2 million 5.68% class C-2 deferrable mezzanine fixed-rate notes, $19 million class D-1 deferrable mezzanine floating-rate notes with a coupon of Libor plus 452 bps, $5 million 7.2% class D-2 deferrable mezzanine fixed-rate notes, $17 million class E deferrable mezzanine floating-rate notes with a coupon of Libor plus 865 bps and $34 million of subordinated notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans
Zais Leveraged Loan Master Manager, LLC will manage the CLO.
The notes are due in 2032 and have a five-year reinvestment period.
The structured credit asset management firm is based in Red Bank, N.J.
| Issuer: | Zais CLO 13, Ltd.
|
| Amount: | $400 million
|
| Maturity: | 2032
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Arranger: | J.P. Morgan Securities LLC
|
| Pricing date: | Aug. 23
|
|
|
| Class A-1A notes
|
| Amount: | $215 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.48%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 196 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2B notes
|
| Amount: | $4 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.93%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.4%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $21 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | $2 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 5.68%
|
| Rating: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $19 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 452 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 7.2%
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 865 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $34 million
|
| Securities: | Subordinated notes
|
| Ratings: | Unrated
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