By Cristal Cody
Tupelo, Miss., Sept. 9 – Exantas Capital Corp. priced a $296.7 million commercial real estate-backed collateralized loan obligation, according to a market source and a company news release.
Exantas Capital Corp. 2020-RSO9, Ltd./Exantas Capital Corp. 2020-RSO9, LLC sold $245.8 million of non-recourse floating-rate notes at a weighted average of Libor plus 313 basis points.
The CRE CLO priced $158.9 million of class A notes (Aaa//DBRS: AAA) at Libor plus 250 bps, $26.7 million of class A-S notes (//DBRS: AAA) at Libor plus 350 bps, $16.7 million of class B notes (//DBRS: AA) at Libor plus 390 bps, $20.8 million of class C notes (//DBRS: A) at Libor plus 425 bps and $22.7 million of class D notes (//DBRS: BBB low) at Libor plus 500 bps.
The deal included $16.7 million of class E subordinated notes (//DBRS: BB low), $12.3 million of class F subordinated notes (//DBRS: B low) and $21.9 million of preferred shares.
The class E and F notes and preferreds will be retained by the company.
Wells Fargo Securities, LLC, Barclays and J.P. Morgan Securities LLC were the placement agents.
Exantas Capital will manage the CLO.
The CLO has a two-year non-call period and a final maturity of April 17, 2037.
The notes are collateralized by floating-rate commercial real estate first mortgage loans originated by the company.
Exantas Capital is a New York-based real estate investment trust that originates, holds and manages commercial mortgage loans and other commercial real estate-related debt investments.
| Issuer: | Exantas Capital Corp. 2020-RSO9, Ltd./Exantas Capital Corp. 2020-RSO9, LLC
|
| Amount: | $296.7 million
|
| Maturity: | April 17, 2037
|
| Securities: | Floating-rate notes, subordinated notes and preferred shares
|
| Structure: | Cash flow CRE CLO
|
| Placement agents: | Wells Fargo Securities, LLC, Barclays and J.P. Morgan Securities LLC
|
| Manager: | Exantas Capital Corp.
|
| Call feature: | Two years
|
| Announcement date: | Sept. 8
|
| Settlement date: | Sept. 30
|
|
|
| Class A notes
|
| Amount: | $158.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | Moody’s: Aaa
|
| DBRS: AAA
|
|
|
| Class A-S notes
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| Amount: | $26.7 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 350 bps
|
| Ratings: | DBRS: AAA
|
|
|
| Class B notes
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| Amount: | $16.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | DBRS: AA
|
|
|
| Class C notes
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| Amount: | $20.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Ratings: | DBRS: A
|
|
|
| Class D notes
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| Amount: | $22.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | DBRS: BBB low
|
|
|
| Class E notes
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| Amount: | $16.7 million
|
| Securities: | Floating-rate notes
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| Ratings: | DBRS: BB low
|
|
|
| Class F notes
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| Amount: | $12.3 million
|
| Securities: | Floating-rate notes
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| Ratings: | DBRS: B low
|
|
|
| Equity
|
| Amount: | $21.9 million
|
| Securities: | Preferred shares
|
| Ratings: | Non-rated
|
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