Chicago, June 2 – LCM Euro LLC sold $509.6 million of notes due July 20, 2034 issued by LCM 32 Ltd./LCM 32 LLC in a collateralized loan obligation transaction, according to a pre-sale report.
In the portfolio, there are $304.4 million of class A-1 senior secured floating-rate notes at Libor plus 111 basis points, $15 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps, $59.8 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 220 bps, $29.9 million of class D senior secured deferrable floating-rate notes at Libor plus 340 bps and $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 639 bps.
There are also $53 million of subordinated notes.
LCM Euro will choose the underlying portfolio, primarily senior secured loans, cash and eligible investments, for the five-year reinvestment period.
There are two years of call protection.
Natixis Securities Americas LLC was the placement agent.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuers: | LCM 32 Ltd./LCM 32 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $509.6 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | LCM Euro LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | May 27
|
|
|
| Class A-1 notes
|
| Amount: | $304.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Rating: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $59.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $29.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 639 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $53 million
|
| Securities: | Subordinated notes
|
|
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