By Cristal Cody
Tupelo, Miss., March 16 – Seix Investment Advisors LLC priced $386.5 million of notes in a refinancing of a vintage 2016 collateralized loan obligation deal, according to a market source and a notice of proposed supplemental indenture on Monday.
Mountain View CLO 2016-1, Ltd./Mountain View CLO 2016-1, Corp. sold $4 million of class X-R senior floating-rate notes at Libor plus 80 basis points, $256 million of class A-R senior floating-rate notes at Libor plus 136 bps, $33 million class B-1-R senior floating-rate notes at Libor plus 185 bps and $15 million of 3.37% class B-2-R senior fixed-rate notes.
The CLO sold $24 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 245 bps, $19 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 370 bps, $21 million of class E-R junior deferrable floating-rate notes at Libor plus 746 bps and an additional $14.5 million of subordinated notes.
All of the tranches priced at par, except the class E notes, which priced at 95.
Mizuho Securities (USA) LLC was the refinancing placement agent.
Seix Investment Advisors will continue to manage the CLO.
The maturity was extended to April 14, 2033 from Jan. 14, 2029.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
In the original transaction priced Nov. 7, 2016 and issued Dec. 8, 2016, the CLO sold $309 million of notes.
The CLO had priced $1.5 million of class X floating-rate notes at Libor plus 125 bps; $193.5 million of class A floating-rate notes at Libor plus 160 bps; $34.5 million of class B floating-rate notes at Libor plus 220 bps; $18 million of class B floating-rate notes at Libor plus 285 bps; $18 million of class C floating-rate notes at Libor plus 285 bps; $15 million of class D floating-rate notes at Libor plus 400 bps; $15 million of class E floating-rate notes at Libor plus 700 bps and $31.5 million of subordinated notes.
Proceeds were used to redeem the outstanding notes.
The investment management company and affiliated manager of Virtus Investment Partners is based in Park Ridge, N.J.
| Issuer: | Mountain View CLO 2016-1, Ltd./Mountain View CLO 2016-1, Corp.
|
| Amount: | $386.5 million refinancing
|
| Maturity: | April 14, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Mizuho Securities (USA) LLC
|
| Manager: | Seix Investment Advisors LLC
|
| Call feature: | Non-callable up to Jan. 14, 2022
|
| Pricing date: | Feb. 12
|
| Settlement date: | March 16
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $4 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 136 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $33 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $15 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 3.37%
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $19 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $21 million
|
| Securities: | Junior deferrable floating-rate notes
|
| Coupon: | Libor plus 746 bps
|
| Price: | 95
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $14.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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