Chicago, March 24 – Morgan Stanley Investment Management Inc. subsidiary MS 522 CLO Manager LLC sold $407.9 million of notes and a loan in a new collateralized loan obligation being issued by 522 Funding CLO 2021-7 Ltd./522 Funding CLO 2021-7 LLC, according to a pre-sale report.
The notes are due April 23, 2034.
The portfolio includes $162.6 million of a class A-L senior secured floating-rate loan at Libor plus 107 basis points and $85.4 million of class A senior secured floating-rate notes at Libor plus 107 bps.
Lower, there are $56 million of class B senior secured floating-rate notes at Libor plus 145 bps, $26 million of class C senior secured deferrable floating-rate notes at Libor plus 180 bps, $22 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps and $14 million of class E senior secured deferrable floating-rate notes at Libor plus 622 bps,
There are also $41.9 million of subordinated notes.
The portfolio has two years of call protection.
Citigroup is the initial purchaser.
MS 522 CLO Manager will manage the collateral through the end of the five-year reinvestment period.
Collateral is chiefly senior secured loans, cash and eligible investments with most borrowers based in the United States.
Morgan Stanley Investment Management is a New York-based capital manager and subsidiary of financial products and services company Morgan Stanley. The is MSIM’s first CLO in 2021.
| Issuers: | 522 Funding CLO 2021-7 Ltd./522 Funding CLO 2021-7 LLC
|
| Issue: | Loan, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $407.9 million
|
| Maturity: | April 23, 2034
|
| Agent: | Citigroup
|
| Manager: | MS 522 CLO Manager LLC
|
| Call: | April 23, 2023
|
| Pricing date: | March 22
|
| Settlement date: | March 30
|
|
|
| Class A-L loan
|
| Amount: | $162.6 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $85.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 622 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.9 million
|
| Securities: | Subordinated notes
|
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