By Cristal Cody
Tupelo, Miss., Jan. 28 – 3i Debt Management U.S. LLC priced an upsized $759.8 million of notes due Feb. 15, 2027 in the Jamestown CLO VI Ltd./Jamestown CLO VI Corp. transaction on Wednesday, according to a market source.
The deal was upsized from $610 million.
The CLO sold $410 million of class A-1A floating-rate notes (//AAA) at Libor plus 160 basis points.
The deal also included $70 million of class A-1B fixed-rate notes (//AAA); $89 million of class A-2 floating-rate notes; $35 million of class B floating-rate notes; $47 million of class C floating-rate notes; $38.75 million of class D floating-rate notes; $7 million of class E floating-rate notes and $63.05 million of subordinated notes. Final mezzanine note pricing details were not available by press time.
Citigroup Global Markets Inc. was the placement agent.
3i Debt Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed mainly by first-lien senior secured loans.
Proceeds from the offering will be used to purchase a portfolio of about $750 million of primarily senior secured leveraged loans.
3i Debt Management priced two U.S. CLO deals in 2014, including the $411 million Jamestown CLO V Ltd./Jamestown CLO V Corp. offering on Nov. 10.
The New York City-based investment manager is a subsidiary of London-based 3i Group plc.
| Issuer: | Jamestown CLO VI Ltd./Jamestown CLO VI Corp.
|
| Amount: | $759.8 million
|
| Maturity: | Feb. 15, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | 3i Debt Management U.S. LLC
|
| Call feature: | 2017
|
| Pricing date: | Jan. 28
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $410 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $70 million
|
| Securities: | Fixed-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $89 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $47 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $38.75 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $63.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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