By Cady Vishniac
Detroit, Dec. 30 – Western Asset Management Co. LLC priced $355.05 million of notes in a broadly syndicated collateralized loan obligation due Jan 20, 2032, according to a market source.
Crown City CLO II Ltd./Crown City CLO II LLC sold $2 million of class X floating-rate notes at Libor plus 75 basis points, $210 million of class A-1a floating-rate notes at Libor plus 138 bps, $17.5 million of class A-1b floating-rate notes at Libor plus 160 bps and $38.5 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO also priced $10 million of class B-1 deferrable floating-rate notes at Libor plus 250 bps, $11 million of class B-2 deferrable fixed-rate notes with a 3.177% coupon, $21 million of class C deferrable floating-rate notes at Libor plus 382 bps, $10.5 million of Class D deferrable floating-rate notes at Libor plus 717 bps and $34.55 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Western Asset Management will manage the CLO, which has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated speculative-grade senior secured term loans.
Western Asset sold its Crown City CLO I in June.
The fixed-income investment firm is based in Pasadena, Calif.
| Issuers: | Crown City CLO II/Crown City CLO II LLC
|
| Amount: | $355.05 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Western Asset Management Co. LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 30
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1a notes
|
| Amount: | $210 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class B-2 notes
|
| Amount: | $11 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 3.177%
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 382 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 717 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $34.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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