Chicago, Oct. 28 – ICG Debt Advisors LLC refinanced $256 million of its class A notes with a new issue of class A-R notes, according to a press release.
The terms of the new notes from issuer ICG US CLO 2017-1, Ltd. are nearly identical to the original floating-rate notes except the spread over Libor has been reduced on the new class A-R notes to Libor plus 118 basis points from Libor plus 135 bps.
Proceeds from the new notes will be used to redeem the original class.
Barclays is the arranger and the CLO continues to be managed by ICG Debt Advisors.
The portfolio originally closed in March 2017.
The New York-based firm is a subsidiary of London-based parent company Intermediate Capital Group plc.
| Issuer: | ICG US CLO 2017-1, Ltd.
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| Amount: | $256 million refinancing
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| Maturity: | April 28, 2029
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Arranger: | Barclays
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| Manager: | ICG Debt Advisors LLC
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| Refinancing date: | Oct. 28
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| Class A-R notes
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| Amount: | $256 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 118 bps
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| Rating: | Fitch: AAA
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