By Cristal Cody
Tupelo, Miss., June 18 – Marathon Asset Management LP sold $503.25 million of notes due April 15, 2032 in the manager’s first collateralized loan obligation offering of 2019, according to market sources.
Marathon CLO XIII Ltd./Marathon CLO XIII LLC priced $300 million of class A-1A senior secured floating-rate notes at Libor plus 152 basis points, $20 million of class A-1B-L senior secured floating-rate notes at Libor plus 200 bps, $5 million of 4% class A-1B-F senior secured fixed-rate notes, $42 million of class A-2-L senior secured floating-rate notes at Libor plus 220 bps and $7 million of 4.22% class A-2-F senior secured fixed-rate notes.
The CLO also priced $17,125,000 of class B-L senior secured deferrable floating-rate notes at Libor plus 310 bps, $7,125,000 of 5.06% class B-F senior secured deferrable fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 407 bps, $30 million of class D secured deferrable floating-rate notes at Libor plus 698 bps and $45 million of subordinated notes.
MUFG was the placement agent.
Marathon Asset Management will manage the CLO.
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.
Marathon was last in the primary market when it issued the $460 million Marathon CLO XII Ltd./Marathon CLO XII LLC transaction on Oct. 11, 2018.
The CLO manager priced two new CLOs in 2018.
Marathon Asset Management is a global credit manager based in New York City.
| Issuer: | Marathon CLO XIII Ltd./Marathon CLO XIII LLC
|
| Amount: | $503.25 million
|
| Maturity: | April 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | Marathon Asset Management LP
|
| Call feature: | Two years
|
| Pricing date: | June 4
|
| Settlement date: | June 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-L notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-F notes
|
| Amount: | $5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-L notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2F notes
|
| Amount: | $7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.22%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-L notes
|
| Amount: | $17,125,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-F notes
|
| Amount: | $7,125,000
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 5.06%
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 407 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 698 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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