By Cristal Cody
Eureka Springs, Ark., Nov. 16 – Anchorage Capital Group, LLC priced $560.69 million of notes due Jan. 15, 2029 in the Anchorage Capital CLO 9 Ltd./Anchorage Capital CLO 9 LLC transaction, according to a market source.
The CLO sold $343.75 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 151 basis points; $60.23 million of class B senior secured floating-rate notes (Aa2//AA) at Libor plus 195 bps; $31.75 million of class C deferrable floating-rate notes (A2) at Libor plus 280 bps; $36.85 million of class D deferrable floating-rate notes (Baa3) at Libor plus 400 bps; $32.33 million of class E deferrable floating-rate notes (Ba3) at Libor plus 725 bps; $12.1 million of class F deferrable floating-rate notes (non-rated) at Libor plus 750 bps and $43.68 million of subordinated notes.
J.P. Morgan Securities LLC arranged the offering.
Anchorage Capital Group manages the CLO.
The offering has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.
The transaction is backed primarily by first-lien senior secured loans.
Anchorage Capital Group has priced two CLOs and one CDO and refinanced one vintage CLO year to date.
The New York City-based asset manager brought two CLOs and two CDOs to market in 2015.
| Issuer: | Anchorage Capital CLO 9 Ltd./Anchorage Capital CLO 9 LLC
|
| Amount: | $560.69 million
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 8
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $343.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60.23 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
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| Amount: | $31.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $36.85 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $32.33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $12.1 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $43.68 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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