By Cristal Cody
Tupelo, Miss., Feb. 23 – LCM Asset Management LLC sold $613.6 million of notes at par in the LCM XXIV Ltd. collateralized loan obligation offering, according to details from a market source.
The CLO priced $387 million of class A floating-rate notes at Libor plus 131 basis points; $63 million of class B floating-rate notes at Libor plus 168 bps; $45 million of class C floating-rate notes at Libor plus 225 bps; $33 million of class D floating-rate notes at Libor plus 350 bps; $24 million of class E floating-rate notes at Libor plus 630 bps and $61.16 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
LCM Asset Management will manage the CLO.
LCM Asset Management priced three CLO transactions and refinanced one vintage CLO in 2016.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM XXIV Ltd.
|
| Amount: | $613.6 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | LCM Asset Management LLC
|
| Pricing date: | Feb. 13
|
|
|
| Class A notes
|
| Amount: | $387 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Price: | Par
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $61.16 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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