By Cristal Cody
Tupelo, Miss., July 29 – BMO Asset Management Corp. brought a $308.4 million middle-market collateralized loan obligation offering, according to an informed source.
Great Lakes CLO 2015-1 Ltd. priced $153.75 million of class A-1 floating-rate notes at Libor plus 195 basis points; $15 million of 3.82% class A-2 fixed-rate notes; $30.5 million of class B floating-rate notes at Libor plus 270 bps; $26 million of class C floating-rate notes at Libor plus 375 bps; $17.75 million of class D floating-rate notes at Libor plus 475 bps; $22.5 million of class E floating-rate notes at Libor plus 670 bps; $10.25 million of class F floating-rate notes at Libor plus 750 bps and $32.65 million of subordinated notes.
Deutsche Bank Securities, Inc. arranged the deal.
BMO Asset Management will manage the CLO.
The firm previously was in the primary market with the $359.2 million Great Lakes CLO 2014-1 Ltd./Great Lakes CLO 2014-1 LLC deal on April 9, 2014.
| Issuer: | Great Lakes CLO 2015-1 Ltd.
|
| Amount: | $308.4 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities, Inc.
|
| Manager: | BMO Asset Management Corp.
|
| Pricing date: | July 20
|
|
|
| Class A-1 notes
|
| Amount: | $153.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.82%
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $30.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $17.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
|
| Amount: | $10.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $32.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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