By Cristal Cody
Tupelo, Miss., April 24 -Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC sold $310.2 million of notes due April 25, 2024 in a collateralized loan obligation offering, according to a market source.
Arrowpoint priced $188 million of class A-1 senior secured floating-rate notes (/AAA/) at Libor plus 128 basis points; $35 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 185 bps; $24 million of class B deferrable floating-rate notes (/A/) at Libor plus 285 bps; $14 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $13 million of class D deferrable floating-rate notes (/BB/) at Libor plus 500 bps; and $36.2 million of subordinated notes.
The notes have a non-call period that ends Nov. 25, 2015.
Stifel Nicolaus & Co. Inc. arranged the transaction.
Arrowpoint Asset Management LLC will manage the cash flow CLO.
The CLO is backed by a revolving pool of broadly syndicated senior secured loans.
| Issuer: | Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC
|
| Amount: | $310.2 million
|
| Maturity: | April 25, 2024
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Stifel Nicolaus & Co. Inc.
|
| Manager: | Arrowpoint Asset Management LLC
|
| Call feature: | Nov. 25, 2015
|
| Settlement date: | April 25
|
|
|
| Class A-1 notes
|
| Amount: | $188 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Subordinated notes
|
| Amount: | $36.2 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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