Chicago, April 11 – Antares Capital Advisers LLC refinanced for $1.19 billion the collateralized loan obligation issued by Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC, according to a pre-sale report.
The notes will mature on April 20, 2034.
The CLO now consists of $696 million of class A-1-R senior secured floating-rate notes at SOFR plus 175 basis points, $36 million of class A-2-R senior secured floating-rate notes at SOFR plus 190 bps, $102 million of class B-R senior secured floating-rate notes at SOFR plus 220 bps, $90 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 300 bps, $60 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 425 bps, $78.25 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 900 bps and $123.17 million of subordinated notes.
The original 2018 $1 billion transaction had $575 million of class A-1 floating-rate notes (/AAA/AAA) at Libor plus 140 bps; $20 million of class A-2 floating-rate notes (/non-rated/AAA) at Libor plus 160 bps; $95 million of class B floating-rate notes (/AA/) at Libor plus 200 bps; $75 million of class C deferrable floating-rate notes (/A/) at Libor plus 270 bps; $65 million of class D deferrable floating-rate notes (/BBB-/) at Libor plus 365 bps; $55 million of class E deferrable floating-rate notes (/BB-/) at Libor plus 765 bps and $123.17 million of subordinated notes.
Antares Capital Advisers LLC will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting April 20, 2024.
Deutsche Bank Securities Inc. was the placement agent.
The Chicago-based investment management firm is an affiliate of Antares Holding LP.
| Issuer: | Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $1,185,420,000
|
| Maturity: | April 20, 2034
|
| Structure: | Middle-market CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Antares Capital Advisers LLC
|
| Call feature: | April 20, 2024
|
| Settlement date: | June 3
|
|
|
| Class A-1-R notes
|
| Amount: | $696 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Moody's: AAA
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $102 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $90 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $78.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 900 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $123.17 million
|
| Securities: | Subordinated notes
|
|
|
|
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