American Capital plans $410.79 million CLO 2014-2 offering

By Cristal Cody

Tupelo, Miss., Nov. 5 – American Capital CLO Management, LLC plans to price $410.79 million of notes due 2027 in the ACAS CLO 2014-2, Ltd./ACAS CLO 2014-2 LLC transaction, according to a market source.

The offering includes $226 million of class A-1 floating-rate notes (//AAA); $36 million of class A-2 fixed-rate notes (//AAA); $30 million of class B-1 floating-rate notes; $6 million of class B-2 fixed-rate notes; $27.2 million of class C floating-rate notes; $24 million of class D floating-rate notes; $20.8 million of class E floating-rate notes and $40.79 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

American Capital CLO Management will manage the CLO.

The CLO will have a two-year non-call period and a four-year reinvestment period.

The deal is secured primarily by first-lien senior secured loans.

Proceeds from the offering will be used to purchase a $400 million portfolio of mainly senior secured leveraged loans.

American Capital was in the primary market on June 6 with the $618.75 million ACAS CLO 2014-1, Ltd./ACAS CLO 2014-1 LLC transaction.

The subsidiary of Bethesda, Md.-based private equity firm American Capital, Ltd. brought two CLO deals in 2013.

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