Chicago, Feb. 11 – Alcentra NY, LLC is refinancing and extending the $404.55 million Shackleton 2019-XV CLO, Ltd./Shackleton 2019-XV CLO LLC collateralized loan obligation transaction, according to a market source.
The refinancing shifts the maturity date to Jan. 15, 2032 from Jan. 15, 2030.
The refinanced transaction includes $1.8 million of class X floating-rate notes at Libor plus 65 basis points and $255 million of class A-R floating-rate notes at Libor plus 120 bps.
Also included are $49 million of class B-R deferrable floating-rate notes at Libor plus 155 bps, $24 million of class C-R deferrable floating-rate notes at Libor plus 215 bps, $11.5 million of class D-1-R deferrable floating-rate notes at Libor plus 345 bps, $10.5 million of class D-2-R deferrable 4.13% fixed-rate notes and $15 million of class E-R deferrable floating-rate notes at Libor plus 666 bps.
There are also $37.75 million of subordinated notes.
Original notes
The A-R, B-R, C-R, D-1-R, and E-R notes are being issued at a lower spread than the original notes and the D-2-R notes are being issued with a fixed coupon.
Originally, the CLO priced $256 million of class A floating-rate notes at par to yield Libor plus 125 basis points and $42 million of class B floating-rate notes at par to yield Libor plus 200 bps.
The CLO sold $30 million of class C deferrable floating-rate notes at par to yield Libor plus 280 bps, $20 million of class D deferrable floating-rate notes at 99 and a coupon of Libor plus 392 bps, $18 million of class E deferrable floating-rate notes at 96.45 and a coupon of Libor plus 745 bps and $37.75 million of subordinated notes.
Details
The notes cannot be called until Jan. 15, 2022.
The reinvestment period ends on Jan. 15, 2024 and the collateral manager is Alcentra NY, LLC.
J.P. Morgan Securities LLC is the placement agent.
The New York-based firm is a majority-owned subsidiary of Bank of New York Mellon Corp.
| Issuers: | Shackleton 2019-XV CLO, Ltd./Shackleton 2019-XV CLO LLC
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| Amount: | $404.55 million
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| Maturity: | Jan. 15, 2032
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| Securities: | Floating-rate, fixed-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: | J.P. Morgan Securities LLC
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| Manager: | Alcentra NY, LLC
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| Call: | Jan. 15, 2022
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 18
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| Class X notes
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| Amount: | $1.8 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 65 bps
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| Rating: | S&P: AAA
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| Class A-R notes
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| Amount: | $255 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 120 bps
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| Rating: | S&P: AAA
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| Class B-R notes
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| Amount: | $49 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 155 bps
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| Rating: | S&P: AA
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|
| Class C-R notes
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| Amount: | $24 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 215 bps
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| Rating: | S&P: A
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|
| Class D-1-R notes
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| Amount: | $11.5 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 345 bps
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| Rating: | S&P: BBB-
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| Class D-2-R notes
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| Amount: | $10.5 million
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| Securities: | Deferrable fixed-rate notes
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| Coupon: | 4.13%
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| Rating: | S&P: BBB-
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| Class E-R notes
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| Amount: | $15 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 666 bps
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| Rating: | S&P: BB-
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| Subordinated notes
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| Amount: | $37.75 million
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| Securities: | Subordinated notes
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