Chicago, Oct. 21 – Regatta Loan Management LLC refinanced for $407.6 million a collateralized loan obligation issued by Regatta VII Funding Ltd./Regatta VII Funding LLC, according to a listing notice.
The notes will now mature on June 20, 2034.
The refinanced CLO consists of $4.5 million of class X senior secured floating-rate notes at Libor plus 85 basis points, $244 million of class A1-R2 senior secured floating-rate notes at Libor plus 115 bps, $8 million of class A2-R2 senior secured floating-rate notes at Libor plus 140 bps, $41.3 million of class B-R2 senior secured floating-rate notes at Libor plus 160 bps, $21 million of class C-R2 mezzanine secured deferrable floating-rate notes at Libor plus 205 bps, $26 million of class D-R2 mezzanine secured deferrable floating-rate notes at Libor plus 305 bps, $23.5 million of class E-R2 junior secured deferrable floating-rate notes at Libor plus 640 bps and $39.3 million of subordinated notes.
The original CLO contained $206 million of class A-1 floating-rate notes (Aaa//AAA) at Libor plus 152 bps; $50 million of class A-2 floating-rate notes (Aaa//AAA) at Libor plus 146 bps; $34.25 million of class B-1 floating-rate notes (Aa2//AA) at Libor plus 200 bps; $13.75 million of class B-2 floating-rate notes (Aa2) at Libor plus 180 bps; $24 million of class C deferrable floating-rate notes (A2) at Libor plus 260 bps; $20 million of class D deferrable floating-rate notes (Baa3) at Libor plus 375 bps; $20 million of class E deferrable floating-rate notes (Ba3) at Libor plus 715 bps and $39.05 million of subordinated notes.
Regatta Loan Management LLC will manage the collateral through the end of the five-year reinvestment period.
Collateral is a portfolio of broadly syndicated senior secured corporate loans.
It was unspecified, but the non-call period has been extended.
Nomura Securities International, Inc. was the placement agent.
The investment firm is based in New York City.
| Issuer: | Regatta VII Funding Ltd./Regatta VII Funding LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $407.6 million
|
| Maturity: | June 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | Regatta Loan Management LLC
|
| Settlement date: | June 21
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A1-R2 notes
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| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A2-R2 notes
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| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R2 notes
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| Amount: | $41.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R2 notes
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| Amount: | $21 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R2 notes
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| Amount: | $26 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 305 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R2 notes
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| Amount: | $23.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 640 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
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| Amount: | $39.3 million
|
| Securities: | Subordinated notes
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