By Cristal Cody
Tupelo, Miss., Oct. 26 – Cerberus Capital Management, LP sold $413.3 million of notes in a middle-market collateralized loan obligation transaction, its first deal of the year, a source said.
Cerberus ICG Levered CLO 2015-1 LLC priced $75.9 million of class A-T floating-rate notes at Libor plus 205 basis points; $15 million of 3.2% class A-F fixed-rate notes; $100 million of class A-L loans at Libor plus 205 bps; $55 million of class B floating-rate notes at Libor plus 305 bps; $29 million of class C floating-rate notes at Libor plus 390 bps; $29 million of class D floating-rate notes at Libor plus 505 bps and $109.4 million of subordinated notes.
Natixis Securities America LLC was the placement agent.
Cerberus will manage the CLO.
The New York-based investment firm priced two CLO deals in 2014.
| Issuer: | Cerberus ICG Levered CLO 2015-1 LLC
|
| Amount: | $413.3 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities America LLC
|
| Manager: | Cerberus Capital Management, LP
|
| Pricing date: | Oct. 21
|
|
|
| Class A-T notes
|
| Amount: | $75.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class A-F notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.2%
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class A-L loans
|
| Amount: | $100 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 505 bps
|
| Ratings: | Moody’s: Baa3 expected
|
|
|
| Equity
|
| Amount: | $109.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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