By Cristal Cody
Tupelo, Miss., June 11 – Zais Group, LLC priced $278.45 million of notes due July 28, 2030 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Zais CLO 15 Ltd./Zais CLO 15 LLC sold $173.25 million of class A-1 floating-rate notes at Libor plus 255.5 basis points, $15 million of class A-2 floating-rate notes at Libor plus 315 bps, $20 million of class B-1 floating-rate notes at Libor plus 365 bps and $10 million of 4.08% class B-2 fixed-rate notes.
The CLO also priced $16.5 million of class C deferrable floating-rate notes at Libor plus 475 bps, $18 million of class D deferrable floating-rate notes at Libor plus 538.5 bps and $25.7 million of subordinated notes.
RBC Capital Markets, 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 one-year reinvestment period.
The issue is backed by broadly syndicated first-lien senior secured corporate loans.
Zais has priced two new CLOs year to date.
The structured credit asset management firm is based in Red Bank, N.J.
| Issuer: | Zais CLO 15 Ltd./Zais CLO 15 LLC
|
| Amount: | $278.45 million
|
| Maturity: | July 28, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | Zais Leveraged Loan Master Manager, LLC
|
| Call feature: | One year
|
| Pricing date: | June 4
|
| Settlement date: | June 18
|
|
|
| Class A-1 notes
|
| Amount: | $173.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255.5 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.08%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 538.5 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $25.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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