By Cristal Cody
Tupelo, Miss., April 14 – Zais Group LLC sold $409 million of notes in a collateralized loan obligation deal, a market source said.
Zais CLO 3 Ltd. priced $256 million of class A-1 floating-rate notes at Libor plus 160 basis points; $48 million of class A-2 floating-rate notes at Libor plus 240 bps; $26 million of class B floating-rate notes at Libor plus 335 bps; $20 million of class C floating-rate notes at Libor plus 380 bps; $19 million of class D floating-rate notes at Libor plus 575 bps; $7 million of class E floating-rate notes at Libor plus 730 bps and $33 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the offering.
Zais Leveraged Loan Manager 3, LLC will manage the CLO.
Zais Group brought two CLO deals in 2014.
The structured credit asset management firm is based in Red Bank, N.J.
| Issuer: | Zais CLO 3 Ltd.
|
| Amount: | $409 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Zais Leveraged Loan Manager 3, LLC
|
| Pricing date: | April 8
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 730 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $33 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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