By Cristal Cody
Tupelo, Miss., Nov. 5 – NYL Investors LLC priced a new $407.2 million collateralized loan obligation, according to market sources.
Flatiron CLO 19 Ltd./Flatiron CLO 19 LLC priced $1.5 million of class X floating-rate notes at Libor plus 85 basis points, $252 million of class A floating-rate notes at Libor plus 132 bps and $52 million of class B floating-rate notes at Libor plus 190 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes at Libor plus 270 bps, $24 million of class D deferrable floating-rate notes at Libor plus 390 bps, $14.8 million of class E deferrable floating-rate notes at Libor plus 720 bps and $38,895,000 of subordinated notes.
MUFG arranged the offering.
NY Investors will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The notes are due Nov. 16, 2032.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
| Issuer: | Flatiron CLO 19 Ltd./Flatiron CLO 19 LLC
|
| Amount: | $407.2 million
|
| Maturity: | Nov. 16, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | NY Investors LLC
|
| Call feature: | Two years
|
| Settlement date: | Nov. 25
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $38,895,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
