By Cristal Cody
Tupelo, Miss., Feb. 24 – Pacific Asset Management LLC priced $405.7 million of notes due Jan. 20, 2033 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Trestles CLO III Ltd./Trestles CLO III LLC sold $247 million of class A-1 floating-rate notes at Libor plus 133 basis points and $12 million of class A-2 floating-rate notes at Libor plus 165 bps.
The CLO also priced $35 million of class B-1 floating-rate notes at Libor plus 185 bps and $10 million of 3.56% class B-2 fixed-rate notes.
Further down the stack, Trestles CLO III sold $25 million of class C deferrable floating-rate notes at Libor plus 225 bps, $22 million of class D deferrable floating-rate notes at Libor plus 325 bps, $17 million of class E deferrable floating-rate notes at Libor plus 650 bps and $37.7 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Pacific Asset 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.
Pacific Asset Management is a Newport Beach, Calif.-based subsidiary of Pacific Life Insurance Co.
| Issuer: | Trestles CLO III Ltd./Trestles CLO III LLC
|
| Amount: | $405.7 million
|
| Maturity: | Jan. 20, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Pacific Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 16
|
| Settlement date: | Feb. 27
|
|
|
| Class A-1 notes
|
| Amount: | $247 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: None
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.56%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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