Chicago, Dec. 10 – First Eagle Alternative Credit, LLC sold $544.375 million in a middle-market collateralized loan obligation being issued by Lake Shore MM CLO IV LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2033.
The CLO consists of $25 million of class X senior secured floating-rate notes at Libor plus 118 basis points, $287.5 million of class A senior secured floating-rate notes at Libor plus 153 bps, $50 million of class B senior secured floating-rate notes at Libor plus 190 bps, $45 million of class C senior secured deferrable floating-rate notes at Libor plus 265 bps, $41.25 million of class D senior secured deferrable floating-rate notes at Libor plus 350 bps, $33.125 million of class E senior secured deferrable floating-rate notes at Libor plus 800 bps, and $62.5 million of subordinated notes.
First Eagle Alternative Credit, LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2025.
Collateral for the notes comes from middle-market speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
Wells Fargo Securities LLC was the placement agent.
Boston-based First Eagle is an alternative credit management firm.
| Issuer: | Lake Shore MM CLO IV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $544.375 million
|
| Maturity: | Oct. 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | First Eagle Alternative Credit, LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 29
|
|
|
| Class X notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $287.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $41.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $33.125 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $62.5 million
|
| Securities: | Subordinated notes
|
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