By Cristal Cody
Tupelo, Miss., April 30 - BMO Asset Management Corp. priced $359.2 million of notes due 2025 in a collateralized loan obligation offering, according to an informed source.
Great Lakes CLO 2014-1 Ltd./Great Lakes CLO 2014-1 LLC sold $197.5 million of class A senior floating-rate notes (Aaa/AAA/) at Libor plus 185 basis points; $35 million of class B floating-rate notes (Aa2) at Libor plus 260 bps; $29 million of class C deferrable floating-rate notes (A2) at Libor plus 370 bps; $15.75 million of class D deferrable floating-rate notes (Baa2) at Libor plus 420 bps; $31 million of class E deferrable floating-rate notes (Ba2) at Libor plus 525 bps; $12.75 million of class F deferrable floating-rate notes (B2) at Libor plus 600 bps and $38.2 million of subordinated notes.
Deutsche Bank Securities Inc. and BMO Capital markets GKST Inc. were the placement agents.
BMO Asset Management will manage the CLO, which is collateralized by a revolving pool of senior secured loans to middle-market corporate borrowers.
The CLO has a two-year non-call period and a four-year reinvestment period.
BMO Asset Management, part of BMO Financial Group, was last in the primary market in 2012 when it brought the $361.17 million Great Lakes CLO 2012-1 Ltd. transaction.
Issuer: | Great Lakes CLO 2014-1 Ltd./Great Lakes CLO 2014-1 LLC
|
Amount: | $359.2 million
|
Maturity: | 2025
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agents: | Deutsche Bank Securities Inc. and BMO Capital markets GKST Inc.
|
Manager: | BMO Asset Management Corp.
|
Call feature: | 2016
|
Pricing date: | April 9
|
Settlement date: | April 25
|
|
Class A notes
|
Amount: | $197.5 million
|
Securities: | Senior floating-rate notes
|
Coupon: | Libor plus 185 bps
|
Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
Class B notes
|
Amount: | $35 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 260 bps
|
Rating: | Moody's: Aa2
|
|
Class C notes
|
Amount: | $29 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 370 bps
|
Rating: | Moody's: A2
|
|
Class D notes
|
Amount: | $15.75 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 420 bps
|
Rating: | Moody's: Baa2
|
|
Class E notes
|
Amount: | $31 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 525 bps
|
Rating: | Moody's: Ba2
|
|
Class F notes
|
Amount: | $12.75 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 600 bps
|
Rating: | Moody's: B2
|
|
Equity tranche
|
Amount: | $38.2 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.