By Cristal Cody
Tupelo, Miss., May 15 – Birch Grove Capital LP priced $403.05 million of notes due June 15, 2031 in the debut Birch Grove CLO Ltd./Birch Grove CLO LLC transaction, according to market sources.
The CLO sold $256 million of class A floating-rate notes at Libor plus 149 basis points; $27.5 million of class B-1 floating-rate notes at Libor plus 215 bps; $18.5 million of 4.52% class B-2 fixed-rate notes; $19 million of class C floating-rate notes at Libor plus 295 bps; $24 million of class D floating-rate notes at Libor plus 390 bps; $8.5 million of class E floating-rate notes at Libor plus 677 bps and $37.05 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Birch Grove Capital will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The CLO is collateralized primarily by first-lien senior secured leveraged loans.
Birch Grove Capital is a New York-based alternative credit manager.
| Issuer: | Birch Grove CLO Ltd./Birch Grove CLO LLC
|
| Amount: | $403.05 million
|
| Maturity: | June 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: J.P. Morgan Securities LLC
|
| Manager: | Birch Grove Capital LP
|
| Call feature: | Two years
|
| Pricing date: | May 1
|
| Settlement date: | June 5
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $18.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.52%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 677 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $37.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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