By Cristal Cody
Tupelo, Miss., Nov. 10 – Kayne Anderson Capital Advisors, LP priced $449 million of notes due Jan. 15, 2034 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Kayne CLO 9 Ltd./Kayne CLO 9 LLC sold $279 million of class A-1 floating-rate notes at Libor plus 140 basis points, $9 million of class A-2 floating-rate notes at Libor plus 175 bps, $49 million of class B-1 floating-rate notes at Libor plus 190 bps and $5 million of 2.598% class B-2 fixed-rate notes.
The CLO also priced $24.75 million of class C floating-rate notes at Libor plus 260 bps, $27 million of class D floating-rate notes at Libor plus 400 bps, $11.25 million of class E floating-rate notes at Libor plus 759 bps and $44 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The issue has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Kayne Anderson has priced three new broadly syndicated CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Kayne CLO 9 Ltd./Kayne CLO 9 LLC
|
| Amount: | $449 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | Jan. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Kayne Anderson Capital Advisors, LP
|
| Call feature: | Two years
|
| Settlement date: | Dec. 8
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | None
|
|
|
| Class B-1 notes
|
| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.598%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $11.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 759 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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