Chicago, May 3 – Zais Group, LLC refinanced $261 million from the Zais CLO 14 Ltd./Zais CLO 14 LLC syndicated collateralized loan obligation offering, according to multiple notices.
The CLO now has $154 million of class A-1A-R senior secured floating-rate notes at Libor plus 129 basis points, $25 million of class A-1B-R 1.59% senior secured fixed-rate notes, $8 million of class A-2A-R senior secured floating-rate notes at Libor plus 165 bps, $2 million of class A-2B-R 2.37% senior secured fixed-rate notes, $30 million of class B-1-R senior secured floating-rate notes at Libor plus 175 bps and $9 million of class B-2-R 2.64% senior secured fixed-rate notes.
Lower, there are now $15 million of class C-R senior secured deferrable floating-rate notes at Libor plus 230 bps and $18 million of class D-R senior secured deferrable floating-rate notes at Libor plus 450 bps.
There is one class of notes and the subordinated notes from the original transaction outstanding.
The maturity remains April 15, 2032.
Originally, Zais sold sold $154 million of class A-1A floating-rate notes at Libor plus 140 bps, $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 also 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.
Most of the collateral for the notes is senior secured loans.
There is a one-year reinvestment period and a one-year non-call period.
Zais is managing the collateral.
Zais Group is a structured credit asset management firm based in Red Bank, N.J.
Issuers: | Zais CLO 14 Ltd./Zais CLO 14 LLC
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Issue: | Floating-rate and fixed-rate notes
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Structure: | Cash flow CLO
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Amount: | $261 million
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Maturity: | April 15, 2032
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Manager: | Zais Group, LLC
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Call: | April 23, 2022
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Settlement date: | April 23
|
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Class A-1A-R notes
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Amount: | $154 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 129 bps
|
Rating: | Moody's: Aaa
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| Fitch: AAA
|
|
Class A-1B-R notes
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Amount: | $25 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 1.59%
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Rating: | Moody's: Aaa
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| Fitch: AAA
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|
Class A-2A-R notes
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Amount: | $8 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 165 bps
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Rating: | Moody's: Aaa
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|
Class A-2B-R notes
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Amount: | $2 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2.37%
|
Rating: | Moody's: Aaa
|
|
Class B-1-R notes
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Amount: | $30 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody's: Aa1
|
|
Class B-2-R notes
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Amount: | $9 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2.64%
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Rating: | Moody's: Aa1
|
|
Class C-R notes
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Amount: | $15 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 230 bps
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Rating: | Moody's: A2
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|
Class D-R notes
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Amount: | $18 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 450 bps
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Rating: | Moody's: Baa3
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