Chicago, April 19 – NYL Investors LLC refinanced for $406.475 million the collateralized loan obligation issued by Flatiron CLO 20 Ltd./Flatiron CLO 20 LLC, according to a presale report.
The notes will mature on May 20, 2036.
The refinanced CLO consists of $256 million of class A-R senior secured floating-rate notes at SOFR plus 138 basis points, $48 million of class B-R senior secured floating-rate notes at SOFR plus 192 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 235 bps, $24 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 345 bps, $16 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 645 bps and $38.475 million of subordinated notes.
NYL Investors LLC will manage the collateral through the end of the reinvestment period on May 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 11, 2025.
Wells Fargo Securities LLC was the placement agent.
In the original CLO, the deal had $252 million of class A floating-rate notes at Libor plus 130 bps, $52 million of class B floating-rate notes at Libor plus 175 bps, $24 million of class C floating-rate notes at Libor plus 245 bps, $24 million of class D floating-rate notes at Libor plus 379 bps, $14 million of class E floating-rate notes at Libor plus 785 bps and $38,475,000 of subordinated notes.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
| Issuer: | Flatiron CLO 20 Ltd./Flatiron CLO 20 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $406.475 million
|
| Maturity: | May 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | NYL Investors LLC
|
| Call feature: | April 11, 2025
|
| Pricing date: | April 10
|
| Settlement date: | April 11
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 138 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 192 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 645 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.475 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
