By Cristal Cody
Tupelo, Miss., Nov. 26 – Zais Group, LLC priced a $410.3 million collateralized loan obligation offering, according to a market source.
Zais CLO 11 Ltd./Zais CLO 11 LLC sold $240 million of class A-1 floating-rate notes at Libor plus 135 basis points; $16 million of class A-2 floating-rate notes at Libor plus 175 bps; $48 million of class B floating-rate notes at Libor plus 225 bps; $21 million of class C floating-rate notes at Libor plus 290 bps; $24 million of class D floating-rate notes at Libor plus 400 bps; $19 million of class E floating-rate notes at Libor plus 676 bps and $42.3 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Zais Leveraged Loan Master Manager, LLC will manage the CLO.
The notes are due Jan. 20, 2032, and the CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Zais Group has priced two new CLOs year to date.
The Red Bank, N.J.-based structured credit asset management firm sold two CLOs in 2017.
| Issuer: | Zais CLO 11 Ltd./Zais CLO 11 LLC
|
| Amount: | $410.3 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Zais Leveraged Loan Master Manager, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 676 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $42.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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