By Cristal Cody
Tupelo, Miss., Oct. 18 – Fort Washington Investment Advisors, Inc. sold $556.17 million of notes due Oct. 20, 2032 in the debut broadly syndicated Fort Washington CLO 2019-1 Ltd. transaction, according to market sources.
The CLO priced $357.5 million of class A floating-rate notes at Libor plus 142 basis points; $57.75 million of class B floating-rate notes at Libor plus 210 bps; $33 million of class C floating-rate notes at Libor plus 275 bps; $24.75 million of D-1 floating-rate notes at Libor plus 390 bps; $5.5 million of class D-2 floating-rate notes at Libor plus 415 bps, $26 million of class E floating-rate notes at Libor plus 725 bps and $51.67 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Fort Washington Investment Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized by broadly syndicated first-lien senior secured corporate loans.
The deal is the manager’s first CLO transaction.
Fort Washington Investment Advisors is a Cincinnati-based asset management firm.
| Issuer: | Fort Washington CLO 2019-1 Ltd.
|
| Amount: | $556.17 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Oct. 20, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Fort Washington Investment Advisors, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Oct. 3
|
| Settlement date: | Nov. 6
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $357.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $57.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-1 notes
|
| Amount: | $24.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-2 notes
|
| Amount: | $5.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $51.67 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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