By Cristal Cody
Tupelo, Miss., Dec. 24 – East West Investment Management LLC priced $356.93 million of notes due Jan. 20, 2033 in the debut East West Investment Management CLO 2019-1 Ltd./East West Investment Management CLO 2019-1 LLC transaction set to close at the end of the month, according to market sources.
The CLO sold $225 million of class A floating-rate notes at Libor plus 100 basis points, $44.5 million of class B floating-rate notes at Libor plus 120 bps, $24.5 million of class C deferrable floating-rate notes at Libor plus 210 bps, $17.5 million of class D deferrable floating-rate notes at Libor plus 471 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus 741 bps and $34.93 million of subordinated notes.
Jefferies LLC was the placement agent.
East West Investment Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated senior secured corporate loans.
Pasadena, Calif.-based East West Investment Management is a subsidiary of East West Bancorp Inc.
| Issuer: | East West Investment Management CLO 2019-1 Ltd./East West Investment Management CLO 2019-1 LLC
|
| Amount: | $356.93 million
|
| Maturity: | Jan. 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | East West Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 20
|
| Settlement date: | Dec. 30
|
|
|
| Class A notes
|
| Amount: | $225 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 471 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 741 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $34.93 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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