Chicago, Nov. 14 – First Eagle Alternative Credit, LLC sold $420.85 million in a collateralized loan obligation being issued by Lake Shore MM CLO V LLC, according to a presale report.
The notes will mature on Oct. 15, 2034.
The CLO consists of $20.85 million of class X senior secured floating-rate notes at SOFR plus 205 basis points, $270 million of class A-1 senior secured floating-rate loans at SOFR plus 295 bps, $30 million of class A-2 senior secured floating-rate revolving loans at SOFR plus 205 bps, $22.5 million of class B senior secured deferrable floating-rate notes at SOFR plus 731 bps, $27.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 914 bps and $50 million of variable dividend notes.
First Eagle Alternative Credit, LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting Nov. 16, 2024.
Wells Fargo Securities LLC was the placement agent.
Boston-based First Eagle is an alternative credit management firm.
| Issuer: | Lake Shore MM CLO V LLC
|
| Issue: | Floating-rate notes, floating-rate loans, floating-rate revolving loans and variable dividend notes
|
| Amount: | $420.85 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | First Eagle Alternative Credit, LLC
|
| Call feature: | Nov. 16, 2024
|
| Settlement date: | Nov. 16
|
|
|
| Class X notes
|
| Amount: | $20.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | S&P: A
|
|
|
| Class A-2 loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate revolving loans
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class B notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 731 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class C notes
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| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 914 bps
|
| Rating: | S&P: BB-
|
|
|
| Variable dividend notes
|
| Amount: | $50 million
|
| Securities: | Variable dividend notes
|
|
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