Chicago, June 25 – Z Capital CLO Management, LLC priced a $334.4 million offering in a new cash-flow CLO transaction coming from Z Capital Credit Partners CLO 2021-1 Ltd., according to a pre-sale report.
The maturity date is July 15, 2033.
The offering includes $150 million of class A-1-A senior secured floating-rate notes at Libor plus 169 basis points, $15 million of class A-1F 2.57% senior secured fixed-rate notes, $20 million of class A-2A senior secured floating-rate notes at Libor plus 180 bps, $15 million of class B-1A senior secured floating-rate notes at Libor plus 200 bps and $15 million of class B-1F 3.21% senior secured fixed-rate notes.
Lower, there are $16.5 million of class C-1A senior secured deferrable floating-rate notes at Libor plus 325 bps, $5 million of class C-1F 4.53% senior secured deferrable fixed-rate notes, $28.5 million of class D senior secured deferrable floating-rate notes at Libor plus 420 bps and $21.5 million of class E senior secured deferrable floating-rate notes at Libor plus 812 bps.
There are also $47.9 million of subordinated notes.
Amherst Pierpont Securities LLC is the underwriter.
The reinvestment period ends in July 2025.
The notes can be called after July 2023.
Collateral for the notes will primarily come from first-lien senior secured loans.
The collateral will be managed by Z Capital.
Z Capital Credit Partners is a global investment firm with offices in New York and Chicago.
| Issuer: | Z Capital Credit Partners CLO 2021-1 Ltd.
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $334.4 million
|
| Maturity: | July 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Amherst Pierpont Securities LLC
|
| Manager: | Z Capital CLO Management, LLC
|
| Call feature: | July 2023
|
| Settlement date: | June 28
|
|
|
| Class A-1-A notes
|
| Amount: | $150 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 169 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1F notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.57%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2A notes
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| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1A notes
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| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-1F notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.21%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1A notes
|
| Amount: | $16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-1F notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 4.53%
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 812 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $47.9 million
|
| Securities: | Subordinated notes
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