By Cristal Cody
Tupelo, Miss., Jan. 13 – Antares Capital Advisers LLC priced $400.8 million of notes due Jan. 23, 2032 in the Antares CLO 2019-2, Ltd./Antares CLO 2019-2, LLC middle-market collateralized loan obligation transaction that closes later in January, according to market sources.
The CLO sold $200 million of class A-1A floating-rate notes at Libor plus 175 basis points, $30 million of 3.477% class A-1b fixed-rate notes, $7 million of class A-2 floating-rate notes at Libor plus 200 bps and $38.9 million of class B floating-rate notes at Libor plus 260 bps.
Antares priced $30 million of class C deferrable floating-rate notes at Libor plus 370 bps, $22.1 million of class D deferrable floating-rate notes at Libor plus 475 bps, $24 million of class E deferrable floating-rate notes at Libor plus 850 bps and $48.8 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed primarily by middle-market senior secured term loans.
Antares priced two CLO transactions in 2019, following three new middle-market CLO deals in 2018.
The Chicago-based investment management firm is an affiliate of Antares Holding LP.
| Issuer: | Antares CLO 2019-2, Ltd./Antares CLO 2019-2, LLC
|
| Amount: | $400.8 million
|
| Maturity: | Jan. 23, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Antares Capital Advisers LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 18
|
| Settlement date: | Jan. 30
|
|
|
| Class A-1A notes
|
| Amount: | $200 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | 3.477%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $38.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.1 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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