By Cristal Cody
Tupelo, Miss., Aug. 29 – Anchorage Capital Group, LLC priced $408.4 million of notes due Oct. 15, 2031 in the new Anchorage Capital CLO 2018-10 Ltd./Anchorage Capital CLO 2018-10 LLC transaction, according to market sources.
The CLO sold $187.9 million of class A-1A floating-rate notes at Libor plus 120 basis points, $35 million of class A-1B-1 floating-rate notes at Libor plus 118 bps, $3.1 million of 4.193% class A-1B-2 fixed-rate notes, $26 million of class A-2 floating-rate notes at Libor plus 150 bps and $35.5 million of class B floating-rate notes at Libor plus 175 bps.
Anchorage Capital CLO also priced $33 million of class C deferrable floating-rate notes at Libor plus 225 bps, $26.5 million of class D deferrable floating-rate notes at Libor plus 315 bps, $16 million of class E deferrable floating-rate notes at Libor plus 575 bps and $45.4 million of subordinated notes.
GreensLedge Capital Markets LLC arranged the offering.
Anchorage Capital Group will manage the CLO.
The issue has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
Anchorage Capital Group has priced three reported dollar-denominated CLOs year to date.
The New York City-based asset manager was last reported with a new issue CLO under the same series on Nov. 8, 2016 when it priced the $560.69 million Anchorage Capital CLO 9 Ltd./Anchorage Capital CLO 9 LLC transaction.
| Issuer: | Anchorage Capital CLO 2018-10 Ltd./Anchorage Capital CLO 2018-10 LLC
|
| Amount: | $408.4 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 22
|
| Settlement date: | Sept. 27
|
|
|
| Class A-1A notes
|
| Amount: | $187.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B-1 notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B-2 notes
|
| Amount: | $3.1 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.193%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $35.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $45.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
