By Cristal Cody
Tupelo, Miss., June 13 – Crescent Capital Group LP sold $403.1 million of notes in the new issue Atlas Senior Loan Fund XIV, Ltd./Atlas Senior Loan Fund XIV, LLC transaction, according to a market source.
The CLO priced $1.95 million of class X floating-rate notes at Libor plus 65 basis points, $256 million of class A floating-rate notes at Libor plus 143 bps, $24 million of class B-1 floating-rate notes at Libor plus 200 bps and $24 million of 4.3% class B-2 fixed-rate notes.
The CLO also sold $17.4 million of class C floating-rate notes at Libor plus 290 bps; $23.8 million of class D floating-rate notes at Libor plus 390 bps, $22.8 million of class E floating-rate notes at Libor plus 694 bps and $33.15 million of subordinated notes.
Barclays was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
Crescent Capital has priced two new CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Atlas Senior Loan Fund XIV, Ltd./Atlas Senior Loan Fund XIV, LLC
|
| Amount: | $403.1 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Crescent Capital Group LP
|
| Call feature: | Two years
|
| Pricing date: | May 16
|
|
|
| Class X notes
|
| Amount: | $1.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
|
| Amount: | $24 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.3%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $17.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $23.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $22.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 694 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $33.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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