By Cristal Cody
Tupelo, Miss., April 30 - BMO Asset Management Corp. priced $359.2 million of notes due 2025 in a collateralized loan obligation offering, according to an informed source.
Great Lakes CLO 2014-1 Ltd./Great Lakes CLO 2014-1 LLC sold $197.5 million of class A senior floating-rate notes (Aaa/AAA/) at Libor plus 185 basis points; $35 million of class B floating-rate notes (Aa2) at Libor plus 260 bps; $29 million of class C deferrable floating-rate notes (A2) at Libor plus 370 bps; $15.75 million of class D deferrable floating-rate notes (Baa2) at Libor plus 420 bps; $31 million of class E deferrable floating-rate notes (Ba2) at Libor plus 525 bps; $12.75 million of class F deferrable floating-rate notes (B2) at Libor plus 600 bps and $38.2 million of subordinated notes.
Deutsche Bank Securities Inc. and BMO Capital markets GKST Inc. were the placement agents.
BMO Asset Management will manage the CLO, which is collateralized by a revolving pool of senior secured loans to middle-market corporate borrowers.
The CLO has a two-year non-call period and a four-year reinvestment period.
BMO Asset Management, part of BMO Financial Group, was last in the primary market in 2012 when it brought the $361.17 million Great Lakes CLO 2012-1 Ltd. transaction.
| Issuer: | Great Lakes CLO 2014-1 Ltd./Great Lakes CLO 2014-1 LLC
|
| Amount: | $359.2 million
|
| Maturity: | 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | Deutsche Bank Securities Inc. and BMO Capital markets GKST Inc.
|
| Manager: | BMO Asset Management Corp.
|
| Call feature: | 2016
|
| Pricing date: | April 9
|
| Settlement date: | April 25
|
|
|
| Class A notes
|
| Amount: | $197.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $29 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $15.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Class E notes
|
| Amount: | $31 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class F notes
|
| Amount: | $12.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $38.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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