By Cristal Cody
Tupelo, Miss., Feb. 24 – Anchorage Capital Group, LLC priced a $509.6 million collateralized debt obligation transaction, according to market sources.
Anchorage Credit Funding 10, Ltd./Anchorage Credit Funding 10, LLC sold $241.65 million of 3.619% class A senior secured fixed-rate notes; $68.35 million of 4.169% class B senior secured fixed-rate notes; $27.5 million of 4.469% class C mezzanine secured deferrable fixed-rate notes; $27.5 million of 5.719% class D mezzanine secured deferrable fixed-rate notes; $27.5 million of 7.08% class E junior secured deferrable fixed-rate notes and $117.1 million of subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
Anchorage Capital Group will manage the CDO, which has a two-year non-call period and a five-year reinvestment period.
The notes are due April 26, 2038.
The CDO is collateralized primarily by corporate bonds and loans.
Anchorage Capital is a New York-based global asset manager.
| Issuer: | Anchorage Credit Funding 10, Ltd./Anchorage Credit Funding 10, LLC
|
| Amount: | $509.6 million
|
| Maturity: | April 26, 2038
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CDO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 14
|
| Settlement date: | March 20
|
|
|
| Class A notes
|
| Amount: | $241.65 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.619%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $68.35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.169%
|
| Rating: | Moody’s: Aa3
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 4.469%
|
| Rating: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.719%
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27.5 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 7.08%
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $117.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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