By Cady Vishniac
Detroit, Dec. 23 – Rockford Tower Capital Management LLC, a subsidiary of King Street Capital LP, priced $401.15 million of notes due Jan. 20, 2032 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
Rockford Tower CLO 2020-1 Ltd./Rockford Tower CLO 2020-1 LLC will sell $240 million of class A floating-rate notes at Libor plus 128 basis points, $64 million of class B floating-rate notes at Libor plus 180 bps, $24 million of class C deferrable floating-rate notes at Libor plus 235, $24 million of class D deferrable floating-rate notes at Libor plus 375 bps, $14 million of class E deferrable floating-rate notes at Libor plus 690 bps and $35.15 million of subordinated notes.
J.P. Morgan Securities LLC arranged the offering.
Rockford Tower Capital will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are collateralized mainly by broadly syndicated senior secured loans, cash and eligible investments.
This is Rockford Tower’s first CLO in 2020, bringing its total CLO assets under management to $4.9 billion.
Rockford Tower Capital Management is a Dover, Delaware limited liability company.
| Issuer: | Rockford Tower CLO 2020-1 Ltd./Rockford Tower CLO 2020-1 LLC
|
| Amount: | $401.15 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Rockford Tower Capital Management LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 23
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $35.15 million
|
| Securities: | Subordinated notes
|
| Coupon: | Residual
|
| Rating: | S&P: NR
|
© 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.
