Chicago, Sept. 12 – LCM EURO II LLC sold $498.09 million in a collateralized loan obligation being issued by LCM 39 Ltd./LCM 39 LLC, according to a presale report.
The notes will mature on October 2034.
The CLO consists of $307.5 million of class A-1 senior floating-rate notes at SOFR plus 185 basis points, $17.5 million of class A-2 senior floating-rate notes at SOFR plus 235 bps, $44.75 million of class B senior floating-rate notes at SOFR plus 285 bps, $31 million of class C deferrable mezzanine floating-rate notes at SOFR plus 370 bps, $32.5 million of class D deferrable mezzanine floating-rate notes at SOFR plus 510 bps, $18 million of class E deferrable mezzanine floating-rate notes at SOFR plus 789 bps, $500,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 921 bps and $46.34 million of subordinated notes.
LCM EURO II LLC will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting October 2024.
Deutsche Bank Securities Inc. was the placement agent.
The New York City-based asset management firm is an affiliated of LCM Asset Management LLC.
| Issuer: | LCM 39 Ltd./LCM 39 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $498.09 million
|
| Maturity: | October 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Trust Co. Americas
|
| Manager: | LCM Euro II LLC
|
| Call feature: | October 2024
|
| Settlement date: | Oct. 21
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | Moody's: Aa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $17.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44.75 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $31 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 510 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 789 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 921 bps
|
| Rating: | Moody’s: B3
|
|
|
| Subordinated notes
|
| Amount: | $46.34 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.
