By Cristal Cody
Tupelo, Miss., Jan. 3 - Cerberus Leveraged Loan Opportunities Fund II, LP sold a $458.15 million collateralized loan obligation offering of notes due 2023, according to a market source.
The Cerberus Onshore II CLO LLC vehicle priced $182 million of class A-1 senior secured floating-rate notes (Aaa//) at Libor plus 200 basis points and $25 million of class A-2 senior secured floating-rate notes (Aaa//) at Libor plus 150 bps, which step up to Libor plus 250 bps after the end of the reinvestment period.
The CLO also priced $27 million of class B senior secured floating-rate notes (Aa2//), $35.44 million of class C secured deferrable floating-rate notes (A2//), $23.63 million of class D secured deferrable floating-rate notes (Baa2//), $22.5 million of class E secured deferrable floating-rate notes and $142.59 million of subordinated notes.
Additional pricing terms were not immediately available.
The CLO is non-callable until 2015. The reinvestment period ends in May 2015.
Wells Fargo Securities LLC was the placement agent.
The CLO is backed primarily by a portfolio of small- and middle-market first-lien senior secured loans and eligible investments.
Cerberus Leveraged Loan Opportunities Fund II, an affiliate of middle-market lender Cerberus Capital Management, LP, will manage the CLO.
| Issuer: | Cerberus Onshore II CLO LLC
|
| Amount: | $458,152,000
|
| Maturity: | 2023
|
| Securities: | Floating-rate secured notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Wells Fargo Securities LLC
|
| Manager: | Cerberus Leveraged Loan Opportunities Fund II, LP
|
| Call feature: | 2015
|
| Settlement date: | Jan. 8
|
|
|
| Class A-1 notes
|
| Amount: | $182 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $35,438,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $23,625,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Moody's: Baa2
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $142,589,000
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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