By Cristal Cody
Tupelo, Miss., Oct. 5 – Brigade Capital Management, LP priced $398.6 million of notes due Oct. 15, 2032 in a new collateralized loan obligation offering, according to market sources.
Battalion CLO 18 Ltd./Battalion CLO 18 LLC sold $236 million of class A-1 floating-rate notes at Libor plus 180 basis points, $20 million of 2.12% class A-2 fixed-rate notes and $48 million of class B floating-rate notes at Libor plus 230 bps.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 285 bps, $12 million of class D-1 deferrable floating-rate notes at Libor plus 400 bps, $8 million of class D-2 deferrable floating-rate notes at Libor plus 400 bps, $14 million of class E deferrable floating-rate notes at Libor plus 794 bps and $36.6 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by broadly syndicated first-lien senior secured loans.
Brigade Capital is an investment adviser firm based in New York.
| Issuer: | Battalion CLO 18 Ltd./Battalion CLO 18 LLC
|
| Amount: | $398.6 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | Oct. 15, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Brigade Capital Management, LP
|
| Call feature: | One year
|
| Settlement date: | Oct. 6
|
|
|
| Class A-1 notes
|
| Amount: | $236 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.12%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 794 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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