By Cristal Cody
Tupelo, Miss., Jan. 12 – BMO Asset Management Corp. priced $362,562,470 of notes in a refinancing and reset of a vintage 2015 middle-market collateralized loan obligation offering, according to additional details of the offering from a market source and a notice of revised first supplemental indenture on Thursday.
Great Lakes CLO 2015-1 Ltd. priced $3.7 million of class X senior floating-rate notes at Libor plus 60 basis points; $193.3 million of class A-R senior floating-rate notes at Libor plus 153 bps; $41.1 million of class B-R floating-rate notes at Libor plus 185 bps; $28.1 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 250 bps; $23 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 390 bps; $26.6 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 736 bps; $9.8 million of class F-R deferrable mezzanine floating-rate notes at Libor plus 1,000 bps and $36,962,470 of subordinated notes.
Citigroup Global Markets Inc. was the refinancing placement agent.
BMO Asset Management will continue to manage the CLO.
The maturity on the notes was extended to Jan. 16, 2030 from the original July 15, 2026 maturity.
The reset CLO has a two-year non-call period and a four-year reinvestment period.
The original $308.4 million CLO was issued on July 30, 2015. The CLO sold $153.75 million of class A-1 floating-rate notes at Libor plus 195 bps; $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.
Proceeds will be used to redeem the original class A-1, A-2, B, C, D, E and F notes on Jan. 16.
BMO Asset Management is a Chicago-based investment management firm and affiliate of BMO Financial Group.
| Issuer: | Great Lakes CLO 2015-1 Ltd.
|
| Amount: | $362,562,470 refinancing
|
| Maturity: | Jan. 16, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | BMO Asset Management Corp.
|
| Call feature: | January 2020
|
| Pricing date: | Jan. 4
|
| Settlement date: | Jan. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3.7 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-R notes
|
| Amount: | $193.3 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B-R notes
|
| Amount: | $41.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $28.1 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $23 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
|
| Amount: | $26.6 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 736 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F-R notes
|
| Amount: | $9.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 1,000 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $36,962,470
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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