By Cristal Cody
Tupelo, Miss., Sept. 4 – JMP Credit Advisors LLC sold $370.5 million of notes due Oct. 17, 2025 in the JMP Credit Advisors CLO III Ltd./JMP Credit Advisors CLO III LLC offering, according to a market source.
The CLO priced $228 million of class A floating-rate notes at Libor plus 153 basis points; $41.7 million of class B floating-rate notes at Libor plus 205 bps; $22.5 million of class C floating-rate notes at Libor plus 290 bps; $21.6 million of class D floating-rate notes at Libor plus 510 bps; $18.3 million of class E floating-rate notes at Libor plus 735 bps and $38.4 million of subordinated notes.
BNP Paribas Securities Corp. arranged the transaction.
JMP Credit Advisors will manage the CLO, which is collateralized primarily by senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
The proceeds will be used to repay parties that provided interim financing and to purchase assets to reach a target portfolio of about $360 million of leveraged loans.
The Alpharetta, Ga.-based investment banking and asset management firm, part of JMP Group Inc., was previously in the primary market in 2013 with the $343.8 million JMP Credit Advisors CLO II Ltd./JMP Credit Advisors CLO II LLC deal.
| Issuer: | JMP Credit Advisors CLO III Ltd./JMP Credit Advisors CLO III LLC
|
| Amount: | $370.5 million
|
| Maturity: | Oct. 17, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | JMP Credit Advisors LLC
|
| Call feature: | 2016
|
| Settlement date: | Sept. 30
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $228 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $41.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $21.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $38.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
