By Cristal Cody
Tupelo, Miss., Nov. 20 – Crescent Capital Group LP sold $385.83 million of notes in a refinancing and reset of the 2013 Atlas Senior Loan Fund III, Ltd./Atlas Senior Loan Fund III, LLC transaction, according to a market source and a notice of executed second supplemental indenture on Monday.
Atlas Senior Loan Fund III priced $4.2 million of class X senior secured floating-rate notes at Libor plus 60 basis points, $255.2 million of class A-R senior secured floating-rate notes at Libor plus 83 bps, $48 million of class B-R senior secured floating-rate notes at Libor plus 130 bps, $25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 175 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $17.9 million of class E-R senior secured deferrable floating-rate notes at Libor plus 600 bps and $11.53 million of subordinated notes.
Goldman Sachs & Co. arranged the deal.
The maturity on the refinanced notes was extended to Nov. 17, 2027 from the original Aug. 18, 2025 maturity.
The reset CLO also has a one-year non-call period and a two-year reinvestment period.
The CLO was originally issued on July 9, 2013.
Proceeds will be used to redeem the original notes.
The transaction is collateralized primarily by first-lien senior secured corporate loans.
Crescent Capital priced one new CLO and refinanced two vintage CLOs in 2016.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Atlas Senior Loan Fund III, Ltd./Atlas Senior Loan Fund III, LLC
|
| Amount: | $385.83 million refinancing
|
| Maturity: | Nov. 17, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | Crescent Capital Group LP
|
| Call feature: | One year
|
| Settlement date: | Nov. 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $255.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 83 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $11.53 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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