By Cristal Cody
Tupelo, Miss., March 23 – Greywolf Capital Management LP priced $658.9 million of notes due April 25, 2027 in a collateralized loan obligation deal, according to a market source.
Greywolf CLO V, Ltd./Greywolf CLO V, LLC sold $421.5 million of class A-1 floating-rate notes at Libor plus 160 basis points; $73.6 million of class A-2 floating-rate notes at Libor plus 240 bps; $42.8 million of class B deferrable floating-rate notes at Libor plus 335 bps; $35 million of class C deferrable floating-rate notes at Libor plus 380 bps; $26.1 million of class D deferrable floating-rate notes at Libor plus 570 bps and $59.9 million of subordinated notes.
Citigroup Global Markets Inc. arranged the deal.
Greywolf Capital Management will manage the CLO.
The CLO is non-callable until April 25, 2017. The reinvestment period ends April 25, 2019.
The transaction is backed mainly by a revolving pool of broadly syndicated senior secured corporate loans.
Greywolf Capital Management, a Purchase, N.Y.-based investment management firm, brought two CLO offerings in 2014.
| Issuer: | Greywolf CLO V, Ltd./Greywolf CLO V, LLC
|
| Amount: | $658.9 million
|
| Maturity: | April 25, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Greywolf Capital Management LP
|
| Call feature: | April 25, 2017
|
| Pricing date: | March 18
|
| Settlement date: | April 29
|
|
|
| Class A-1 notes
|
| Amount: | $421.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $73.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $42.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $26.1 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $59.9 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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