By Cristal Cody
Tupelo, Miss., Oct. 5 – First Eagle Alternative Credit, LLC priced $313.95 million of notes due Oct. 15, 2029 in the Lake Shore MM CLO III LLC/Lake Shore MM CLO III LLC transaction, according to market sources.
The middle-market CLO sold $182 million of class A floating-rate notes at Libor plus 230 basis points, $42.2 million of class B floating-rate notes at Libor plus 320 bps, $24.5 million of class C deferrable floating-rate notes at Libor plus 475 bps, $17.75 million of class D deferrable floating-rate notes at Libor plus 663 bps, $18 million of class E deferrable floating-rate notes at Libor plus 900 bps and $29.5 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
First Eagle Alternative Credit will manage the CLO.
The CLO has a 10-month non-call period and a 10-month reinvestment period.
The deal is backed primarily by first-lien senior secured middle-market loans, cash and eligible investments.
Boston-based First Eagle is an alternative credit management firm.
| Issuer: | Lake Shore MM CLO III LLC/Lake Shore MM CLO III LLC
|
| Amount: | $313.95 million
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | First Eagle Alternative Credit, LLC
|
| Call feature: | Aug. 15, 2021
|
| Pricing date: | Sept. 2
|
| Settlement date: | Oct. 16
|
|
|
| Class A notes
|
| Amount: | $182 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $42.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 663 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 900 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $29.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
