By Cristal Cody
Tupelo, Miss., July 18 – Greywolf Capital Management LP sold $376.2 million of global secured notes due Jan. 17, 2027 in a refinancing of a vintage 2014 collateralized loan obligation deal, according to a notice of executed supplemental indenture on Monday.
Greywolf CLO IV, Ltd./Greywolf CLO IV, LLC priced $269.18 million of class A-1-R senior secured floating-rate notes at Libor plus 121 basis points, $54.24 million of class A-2-R senior secured floating-rate notes at Libor plus 172 bps, $31.78 million of class B-R senior secured deferrable floating-rate notes at Libor plus 235 bps and $21 million of class C-R senior secured deferrable floating-rate notes at Libor plus 340 bps.
J.P. Morgan Securities LLC was the refinancing placement agent.
Greywolf Capital Management will continue to manage the CLO.
In the original $437.35 million deal priced on Nov. 12, 2014, 2014, the CLO sold $269.18 million of class A-1 floating-rate notes at Libor plus 153 bps, according to Prospect News data.
The CLO also originally priced $54.24 million of class A-2 floating-rate notes at Libor plus 255 bps; $31.78 of class B deferrable floating-rate notes at Libor plus 350 bps; $21 million of class C deferrable floating-rate notes at Libor plus 410 bps; $16.4 million of class D deferrable floating-rate notes at Libor plus 560 bps; $10.2 million of class E secured deferrable floating-rate notes at Libor plus 665 bps and $34.55 million of subordinated notes.
Proceeds from the refinancing were used to redeem the original class A-1, A-2, B and C notes.
The refinanced CLO is secured predominantly by broadly syndicated senior secured corporate loans.
Greywolf has refinanced three CLOs year to date.
The investment management firm is based in Purchase, N.Y.
| Issuer: | Greywolf CLO IV, Ltd./Greywolf CLO IV, LLC
|
| Amount: | $376.2 million refinancing
|
| Maturity: | Jan. 17, 2027
|
| Securities: | Global secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Greywolf Capital Management LP
|
| Offering date: | July 14
|
| Settlement date: | July 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $269.18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $54.24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 172 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $31.78 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
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| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB
|
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