Chicago, Dec. 7 – ZAIS Leveraged Loan Master Manager, LLC refinanced and extended for $298.74 million the collateralized loan obligation issued by Zais CLO 16 Ltd./Zais CLO 16 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $145 million of class A-1-R senior secured floating-rate notes at Libor plus 142 basis points, $35 million of class A-F-R 2.5% senior secured fixed-rate notes, $12 million of class A-J-R senior secured floating-rate notes at Libor plus 169 bps, $36 million of class B-R senior secured floating-rate notes at Libor plus 200 bps, $15 million of class C-R senior secured deferrable floating-rate notes at Libor plus 269 bps, $13 million of class D-1-R senior secured deferrable floating-rate notes at Libor plus 445 bps, $5 million of class D-F-R 5.75% senior secured deferrable fixed-rate notes, $5 million of class D-J-R senior secured deferrable floating-rate notes at Libor plus 558 bps, $7 million of class E-R senior secured deferrable floating-rate notes at Libor plus 814 bps and $25.74 million of subordinated notes.
The original CLO consisted of $90 million of class A-1 floating-rate notes at Libor plus 219 bps, $50 million of class A-2 floating-rate notes at Libor plus 230 bps, $40 million of 2.477% class A-F fixed-rate notes and $7.5 million of class A-J floating-rate notes at Libor plus 250 bps.
The CLO also originally priced $37.5 million of class B floating-rate notes at Libor plus 303 bps, $18 million of class C floating-rate notes at Libor plus 374 bps, $14.25 million of class D-1 floating-rate notes at Libor plus 548 bps, $6 million of class D-2 floating-rate notes at Libor plus 649 bps, $8.25 million of class E floating-rate notes at Libor plus 1,000 bps and $25,739,000 of subordinated notes.
ZAIS Leveraged Loan Master Manager LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral comes from senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Jefferies LLC was the placement agent.
Zais Group, LLC is a structured credit asset management firm based in Red Bank, N.J.
| Issuer: | Zais CLO 16 Ltd./Zais CLO 16 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $298.74 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | ZAIS Leveraged Loan Master Manager LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Oct. 27
|
|
|
| Class A-1-R notes
|
| Amount: | $145 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-F-R notes
|
| Amount: | $35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.499%
|
| Rating: | S&P: AAA
|
|
|
| Class A-J-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 169 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 269 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 445 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-F-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5.75%
|
| Rating: | S&P: BBB
|
|
|
| Class D-J-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 558 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 814 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $25.74 million
|
| Securities: | Subordinated notes
|
|
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