By Cristal Cody
Tupelo, Miss., March 5 – Zais Group, LLC priced $299.5 million of notes due April 15, 2032 in a broadly syndicated collateralized loan obligation offering, according to market sources.
Zais CLO 14 Ltd./Zais CLO 14 LLC sold $154 million of class A-1A floating-rate notes at Libor plus 140 basis points, $25 million of 2.76% class A-1B fixed-rate notes and $10 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO sold $39 million of class B floating-rate notes at Libor plus 210 bps, $15 million of class C floating-rate notes at Libor plus 290 bps, $18 million of class D floating-rate notes at Libor plus 480 bps, $13.5 million of class E floating-rate notes at Libor plus 731 bps and $25 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
Zais Leveraged Loan Master Manager, LLC will manage the CLO.
The CLO has a one-year non-call period and a two-year reinvestment period.
The issue is backed by broadly syndicated first-lien senior secured corporate loans.
Zais Group is a structured credit asset management firm based in Red Bank, N.J.
| Issuer: | Zais CLO 14 Ltd./Zais CLO 14 LLC
|
| Amount: | $299.5 million
|
| Maturity: | April 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Zais Leveraged Loan Master Manager, LLC
|
| Call feature: | One year
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 26
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A notes
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| Amount: | $154 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | $25 million
|
| Securities: | Fixed-rate notes
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| Coupon: | 2.76%
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $10 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
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| Amount: | $39 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $18 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 480 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
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| Amount: | $13.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 731 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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