Chicago, Jan. 14 – Morgan Stanley Eaton Vance CLO Manager LLC (formerly MS 522 CLO Manager LLC) refinanced and extended for $407.225 million the collateralized loan obligation issued by Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The refinanced CLO consists of $248 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $56 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $24 million of class C-R senior secured floating-rate notes at Libor plus 210 bps, $24 million of class D-R senior secured floating-rate notes at Libor plus 325 bps, $16 million of class E-R senior secured floating-rate notes at Libor plus 650 bps and $39.225 million of subordinated notes.
The original CLO had $216 million of class A-1 floating-rate notes at Libor plus 137 bps, $40 million of 1.75% class A-2 fixed-rate notes and $48 million class B floating-rate notes at Libor plus 175 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 260 bps, $20 million of class D deferrable floating-rate notes at Libor plus 410 bps, $16 million of class E deferrable floating-rate notes at Libor plus 732 bps and $39,225,000 of subordinated notes.
Morgan Stanley Eaton Vance CLO Manager LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The notes can be called starting Dec. 15, 2023.
Wells Fargo Securities LLC was the placement agent.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2020-2 Ltd./Eaton Vance CLO 2020-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $407.225 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Morgan Stanley Eaton Vance CLO Manager LLC
|
| Call feature: | Dec. 15, 2023
|
| Settlement date: | Dec. 15
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.225 million
|
| Securities: | Subordinated notes
|
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