Chicago, Sept. 5 – BH Credit Management LLC priced $401.6 million of notes in a collateralized loan obligation being issued by Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC, according to a presale report.
The notes will mature on Oct. 20, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 205 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 255 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $23 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $20 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 575 bps, $3 million of class D-2 9.62% senior secured deferrable fixed-rate notes, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 837 bps and $39.6 million of subordinated notes.
BH Credit Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2024.
Goldman Sachs & Co. LLC is the placement agent.
Based in Dallas, Barrow Hanley focuses on value investing.
Issuer: | Barrow Hanley CLO II Ltd./Barrow Hanley CLO II LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $401.6 million
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Maturity: | Oct. 20, 2035
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs & Co. LLC
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Manager: | BH Credit Management LLC
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Call feature: | Oct. 20, 2024
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Pricing date: | Sept. 1
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Settlement date: | Sept. 14
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Class A-1 notes
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Amount: | $240 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 205 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $16 million
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Securities: | Senior Secured floating-rate notes
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Coupon: | SOFR plus 255 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $48 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 300 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $23 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 350 bps
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Rating: | S&P: A
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Class D-1 notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 575 bps
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Rating: | S&P: BBB-
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Class D-2 notes
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Amount: | $3 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 9.62%
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $12 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 837 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $39.6 million
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Securities: | Subordinated notes
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