By Cristal Cody
Tupelo, Miss., Aug. 14 – Invesco Senior Secured Management, Inc. refinanced $67 million of class A-1B-2 senior secured fixed-rate notes in a second refinancing of a vintage 2016 collateralized loan obligation transaction, according to a market notice.
Upland CLO, Ltd./Upland CLO, LLC sold $67 million of class A-1B-2 senior secured fixed-rate notes (expected ratings Aaa//AAA) with a 1.842% coupon.
MUFG was the refinancing placement agent.
The original $406.25 million Upland CLO was issued on May 3, 2016.
Upland CLO was refinanced in a $407.85 million transaction issued on May 4, 2018.
In that offering, the CLO sold $67 million of class A-1B-R senior secured fixed-rate notes at a 3.982% coupon.
The repriced notes are non-callable to but excluding Aug. 19, 2021.
The notes are due April 20, 2031.
Proceeds will be used to redeem the class A-1B-R notes on Aug. 19.
The CLO is collateralized primarily by first-lien senior secured loans.
Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.
| Issuer: | Upland CLO, Ltd./Upland CLO, LLC
|
| Amount: | $67 million refinancing
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| Maturity: | April 20, 2031
|
| Securities: | Class A-1B-2 senior secured fixed-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | MUFG
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Coupon: | 1.842%
|
| Call feature: | Non-callable to but excluding Aug. 19, 2021
|
| Settlement date: | Aug. 19
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
| Distribution: | Rule 144A and Regulation S
|
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