By Cristal Cody
Tupelo, Miss., Nov. 26 – Marathon Asset Management LP sold $405.8 million of notes due Jan. 20, 2033 in a new collateralized loan obligation offering in November, according to market sources.
At the top of the capital stack, Marathon CLO 14 Ltd./Marathon CLO 14 LLC priced $236 million of class A-1A floating-rate notes at Libor plus 143 basis points, $12 million of class A-1B floating-rate notes at Libor plus 190 bps, $35 million of class A-2a floating-rate notes at Libor plus 246 bps and $21 million of 4.06% class A-2b fixed-rate notes.
The CLO also sold $15 million of class B-a floating-rate notes at Libor plus 330 bps and $7 million of 5.14% class B-b fixed-rate notes.
Marathon CLO 14 placed $10 million of class C-1a floating-rate notes at Libor plus 487 bps, $12 million of 6.49% class C-1b fixed-rate notes and $10 million of class C-2 floating-rate notes at Libor plus 597 bps.
The CLO also sold $6 million of class D floating-rate notes at Libor plus 804 bps and $41.8 million of subordinated notes.
Citigroup Global Markets Inc. 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 entirely by broadly syndicated first-lien senior secured corporate loans.
Marathon has priced two new CLOs year to date.
The CLO manager was in the primary market in 2018 also with two new CLO deals.
Marathon Asset Management is a global credit manager based in New York City.
| Issuer: | Marathon CLO 14 Ltd./Marathon CLO 14 LLC
|
| Amount: | $405.8 million
|
| Maturity: | Jan. 20, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Marathon Asset Management LP
|
| Call feature: | Two years
|
| Settlement date: | Dec. 19
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A notes
|
| Amount: | $236 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 246 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2b notes
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| Amount: | $21 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.06%
|
| Ratings: | Non-rated
|
|
|
| Class B-a notes
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| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-b notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.14%
|
| Ratings: | Non-rated
|
|
|
| Class C-1a notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 487 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1b notes
|
| Amount: | $12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.49%
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 597 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 804 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $41.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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