By Cristal Cody
Eureka Springs, Ark., May 2 – Zais Group LLC sold $280.7 million of notes due May 10, 2025 in a new collateralized loan obligation deal, according to a market source.
Zais CLO 4 Ltd./Zais CLO 4 LLC priced $188.5 million of class A floating-rate notes (AAA) at Libor plus 155 basis points; $25.5 million of class B floating-rate notes (AA) at Libor plus 230 bps; $24 million of class C deferrable floating-rate notes (A) at Libor plus 355 bps; $7.5 million of class D deferrable floating-rate notes (BBB) at Libor plus 530 bps and $35.2 million of subordinated notes.
RBC Capital Markets LLC arranged the offering.
Zais Leveraged Loan Manager 4, LLC will manage the CLO.
The CLO, backed primarily by broadly syndicated senior secured loans, is non-callable through Feb. 10, 2017.
Zais Group brought one CLO deal to market in 2015.
The structured credit asset management firm is based in Red Bank, N.J.
| Issuer: | Zais CLO 4 Ltd./Zais CLO 4 LLC
|
| Amount: | $280.7 million
|
| Maturity: | May 10, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Zais Leveraged Loan Manager 4, LLC
|
| Call feature: | Feb. 10, 2017
|
| Pricing date: | April 22
|
| Settlement date: | May 10
|
|
|
| Class A notes
|
| Amount: | $188.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $25.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | S&P: BBB
|
|
|
| Equity
|
| Amount: | $35.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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