By Cristal Cody
Tupelo, Miss., Dec. 23 – First Eagle Private Credit Advisors LLC priced $405.35 million of securities due Jan. 20, 2033 in the new issue broadly syndicated collateralized loan obligation offering, First Eagle BSL CLO 2019-1 Ltd. offering, according to market sources.
The CLO sold $301 million of class A loans at Libor plus 162 basis points, $20 million of class B senior secured deferrable floating-rate notes at Libor plus 325 bps, $23.6 million of class C senior secured deferrable floating-rate notes at Libor plus 435 bps and $21.4 million of class D secured deferrable floating-rate notes at Libor plus 770 bps.
The deal included $16.4 million of senior subordinated notes and $22.95 million of junior subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
First Eagle Private Credit Advisors, previously known as NewStar Capital LLC, will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The securities are backed primarily by broadly syndicated senior secured corporate loans.
First Eagle Private Credit Advisors is part of New York City-based First Eagle Investment Management.
| Issuer: | First Eagle BSL CLO 2019-1 Ltd.
|
| Amount: | $405.35 million
|
| Maturity: | Jan. 20, 2033
|
| Securities: | Loans and floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | First Eagle Private Credit Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 15
|
|
|
| Class A loans
|
| Amount: | $301 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 162 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $21.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Senior equity tranche
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| Amount: | $16.4 million
|
| Securities: | Senior subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Junior equity tranche
|
| Amount: | $22.95 million
|
| Securities: | Junior subordinated notes
|
| Ratings: | Non-rated
|
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