Chicago, Sept. 30 – Marble Point CLO Management LLC refinanced and extended for $504.5 million a collateralized loan obligation issued by Marble Point CLO XVIII Ltd./Marble Point CLO XVIII LLC, according to a pre-sale report.
The extended notes will mature on Oct. 15, 2034.
The refinanced CLO consists of $300 million of class A-1-R senior secured floating-rate notes at Libor plus 121 basis points, $15.9 million of class A-2-R senior secured floating-rate notes at Libor plus 155 bps, $64.1 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 240 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 394 bps, $20 million of class E-R senior secured deferrable floating-rate notes at Libor plus 770 bps and $44.5 million of subordinated notes.
Originally, the CLO sold $300 million of class A floating-rate notes at Libor plus 190 basis points; $43 million of class B-1 floating-rate notes at Libor plus 260 bps and $33 million of 3.02% class B-2 fixed-rate notes.
Marble Point XVIII also initially sold $29 million of class C deferrable floating-rate notes at Libor plus 296 bps; $13.75 million of class D-1 deferrable floating-rate notes at Libor plus 378 bps, $13.75 million of class D-2 floating-rate notes at Libor plus 541 bps, $17.5 million of class E deferrable floating-rate notes at Libor plus 797 bps and $44.5 million of subordinated notes.
Marble Point CLO Management LLC. will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral comes from syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
BNP Paribas Securities Corp. was the placement agent.
The CLO manager is an affiliate of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
| Issuers: | Marble Point CLO XVIII Ltd./Marble Point CLO XVIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $504.5 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
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| Placement agent: | BNP Paribas Securities Corp.
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| Manager: | Marble Point CLO Management LLC
|
| Call feature: | Oct. 15, 2023
|
| Pricing date:
|
| Settlement date: | Sept. 29
|
|
|
| Class A-1-R notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 121 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $15.9 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 155 bps
|
| Rating: | S&P:
|
|
|
| Class B-R notes
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| Amount: | $64.1 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 394 bps
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| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $20 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 770 bps
|
| Rating: | S&P:
|
|
|
| Subordinated notes
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| Amount: | $44.5 million
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| Securities: | Subordinated notes
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|
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