By Cristal Cody
Tupelo, Miss., Aug. 2 – Anchorage Capital Group, LLC priced $404.69 million of notes due July 22, 2032 in the new issue Anchorage Capital CLO 11 Ltd./Anchorage Capital CLO 11 LLC transaction, according to market sources.
The CLO priced $248 million of class A floating-rate notes at Libor plus 139 basis points, $46 million of class B floating-rate notes at Libor plus 215 bps, $28 million of class C deferrable floating-rate notes at Libor plus 300 bps, $27 million of class D deferrable floating-rate notes at Libor plus 410 bps, $16 million of class E deferrable floating-rate note at Libor plus 705 bps and $39.69 million of subordinated notes.
The discount margins were the same on the tranches except for the class D notes, which priced with a discount margin of Libor plus 425 bps, and the class E notes that priced with a discount margin of Libor plus 750 bps.
Wells Fargo Securities LLC was the placement agent.
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 loans.
Anchorage Capital Group is a New York City-based asset manager.
| Issuer: | Anchorage Capital CLO 11 Ltd./Anchorage Capital CLO 11 LLC
|
| Amount: | $404.69 million
|
| Maturity: | July 22, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 29
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Discount margin: | Libor plus 139 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Discount margin: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Discount margin: | Libor plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Discount margin: | Libor plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 705 bps
|
| Discount margin: | Libor plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.69 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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