By Cristal Cody
Tupelo, Miss., July 16 – Hildene Structured Advisors, LLC priced a $175,875,000 static collateralized debt obligation offering, according to a market source.
Hildene TruPS Securitization 2020-3, Ltd. sold $117,125,000 of class A senior secured floating-rate notes at Libor plus 350 basis points, $28.75 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 450 bps and $30 million of subordinated notes.
Jefferies LLC was the placement agent.
Hildene Structured Advisors, LLC will manage the CDO, which has a one-year non-call period.
The notes are due Feb. 1, 2038.
The CDO is backed a portfolio of trust preferred securities, subordinated debt, senior notes and surplus notes issued by U.S. community banks and insurance providers.
Hildene Structured Advisors is a Stamford, Conn.-based distressed debt investment management firm.
| Issuer: | Hildene TruPS Securitization 2020-3, Ltd.
|
| Amount: | $175,875,000
|
| Maturity: | Feb. 1, 2038
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Static cash flow CDO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Hildene Structured Advisors, LLC
|
| Call feature: | One year
|
| Settlement date: | July 15
|
|
|
| Class A notes
|
| Amount: | $117,125,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Moody’s: A1
|
|
|
| Class B notes
|
| Amount: | $28.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $30 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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