By Cristal Cody
Tupelo, Miss., Oct. 8 – New Mountain Credit CLO Advisors LLC priced $348.7 million of notes due Oct. 15, 2032 in the manager’s first broadly syndicated collateralized loan obligation offering of the year, according to market sources.
New Mountain CLO 1 Ltd./New Mountain CLO 1 LLC sold $197 million of class A-1 senior secured floating-rate notes at Libor plus 155 basis points, $20 million of 1.93% class A-2 senior secured fixed-rate notes and $49 million of class B senior secured floating-rate notes at Libor plus 210 bps.
The CLO also priced $19.25 million of class C secured deferrable floating-rate notes at Libor plus 285 bps, $19.25 million of class D secured deferrable floating-rate notes at Libor plus 425 bps, $12.25 million of class E secured deferrable floating-rate notes at Libor plus 800 bps and $31.95 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
The CLO has a three-year reinvestment period.
The offering is collateralized mostly by broadly syndicated senior secured term loans.
New Mountain Credit CLO Advisors is a New York-based investment management firm.
| Issuer: | New Mountain CLO 1 Ltd./New Mountain CLO 1 LLC
|
| Amount: | $348.7 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | Oct. 15, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | New Mountain Credit CLO Advisors LLC
|
| Settlement date: | Oct. 29
|
|
|
| Class A-1 notes
|
| Amount: | $197 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.93%
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
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| Amount: | $49 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $19.25 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 285 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $19.25 million
|
| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 425 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $12.25 million
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| Securitie s: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 800 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $31.95 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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