By Cristal Cody
Tupelo, Miss., March 30 – Brigade Capital Management, LLC priced $324.5 million of fixed- and floating-rate notes due April 17, 2026 in a refinancing of a vintage 2014 collateralized loan obligation offering, according to a market source.
Battalion CLO V Ltd./Battalion CLO V LLC sold $241.5 million of class A-1-R floating-rate notes at par to yield Libor plus 117 basis points, $45 million of class A-2A-R floating-rate notes at par to yield Libor plus 170 bps, $5 million of 3.61% class A-2B-R fixed-rate notes at par and $33 million of class B-R floating-rate notes at par to yield Libor plus 250 bps.
BofA Merrill Lynch was the deal arranger.
Brigade Capital Management will remain as the CLO manager.
In the original transaction priced on March 7, 2014, the CLO sold $241.5 million of class A-1 senior secured floating-rate notes at Libor plus 150 bps; $45 million of class A-2 senior secured floating-rate notes at Libor plus 215 bps; $5 million of 4.41% class A-2B senior secured fixed-rate notes; $33 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps; $22 million of class C senior secured deferrable floating-rate notes at Libor plus 350 bps; $19.25 million of class D secured deferrable floating-rate notes at Libor plus 475 bps; $11 million of class E secured deferrable floating-rate notes at Libor plus 550 bps and $39.75 million of subordinated notes.
The class A-2B, C, D and E notes were not refinanced.
The New York City-based investment advisor firm priced two CLO transactions in 2015.
| Issuer: | Battalion CLO V Ltd./Battalion CLO V LLC
|
| Amount: | $324.5 million refinancing
|
| Securities: | Fixed- and floating-rate notes
|
| Maturity: | April 17, 2026
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Brigade Capital Management, LLC
|
| Pricing date: | March 22
|
|
|
| Class A-1-R notes
|
| Amount: | $241.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-2A-R notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Price: | Par
|
| Rating: | S&P: AA expected
|
|
|
| Class A-2B-R notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.61%
|
| Price: | Par
|
| Rating: | S&P: AA expected
|
|
|
| Class B-R notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | S&P: A expected
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
