Chicago, July 12 – Hildene Structured Advisors, LLC sold $385.6 million in a collateralized loan obligation being issued by Hildene TruPS Securitization 4, Ltd., according to a presale report and a press release.
The notes will mature on July 21, 2042.
The CLO consists of $171 million of class A1-A senior secured floating-rate notes at SOFR plus 245 basis points, $10 million of class A1-B 5% senior secured fixed-rate notes, $88.8 million of class A2 senior secured floating-rate notes at SOFR plus 290 bps, $27 million of class B mezzanine secured deferrable floating-rate notes at SOFR plus 350 bps, $19.3 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 405 bps, $24 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 560 bps and $45.5 million of subordinated notes.
Hildene Structured Advisors, LLC is the manager.
There is no reinvestment period. The CDO is static.
Collateral for the notes consists of trust preferred securities (TruPS), subordinated debt and an LP preferred security issued by US community banks and their holding companies and TruPS, subordinated notes and surplus notes issued by insurance companies and their holding companies.
Piper Sandler & Co. and BofA Securities, Inc. were the placement agents.
| Issuer: | Hildene TruPS Securitization 4, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $385.6 million
|
| Maturity: | July 21, 2042
|
| Structure: | Cash flow TruPS CDO
|
| Placement agent: | Piper Sandler & Co. and BofA Securities, Inc.
|
| Manager: | Hildene Structured Advisors, LLC
|
| Settlement date: | June 29
|
|
|
| Class A1-A notes
|
| Amount: | $171 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Moody's: Aaa
|
| KBRA: AAA
|
|
|
| Class A1-B notes
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| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5%
|
| Rating: | Moody's: Aaa
|
| KBRA: AAA
|
|
|
| Class A2 notes
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| Amount: | $88.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Moody's: Aa1
|
| KBRA: AA
|
|
|
| Class B notes
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| Amount: | $27 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
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| Amount: | $19.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 405 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 560 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Subordinated notes
|
| Amount: | $45.5 million
|
| Securities: | Subordinated notes
|
|
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