Chicago, Aug. 24 – LCM Euro LLC sold $340 million in a collateralized loan obligation being issued by LCM 38 Ltd., according to a new issue report and a press release.
The notes will mature on July 15, 2034.
The CLO consists of $193 million of class A-1A senior secured floating-rate notes at SOFR plus 210 basis points, $27.5 million of class A-1B 5.25% senior secured fixed-rate notes, $7 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $31 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $3.5 million of class B-2 5.41% senior secured fixed-rate notes, $22 million of class C deferrable mezzanine floating-rate notes at SOFR plus 365 bps, $22.5 million of class D deferrable mezzanine floating-rate notes at SOFR plus 466 bps, $11.3 million of class E deferrable mezzanine floating-rate notes at SOFR plus 835 bps, $500,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 889 bps and $21.7 million of subordinated notes.
LCM Euro LLC will manage the collateral through the end of the 2.9-year reinvestment period.
Collateral for the notes consists of first-lien senior secured loans.
The New York City-based asset management firm is an affiliated of LCM Asset Management LLC.
| Issuer: | LCM 38 Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $340 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | LCM Euro LLC
|
| Settlement date: | July 15, 2034
|
|
|
| Class A-1A notes
|
| Amount: | $193 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1B notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.25%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $7 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $31 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $3.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.41%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 365 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 466 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 835 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 889 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $21.7 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
