By Cristal Cody
Tupelo, Miss., May 13 – Cutwater Investor Services Corp. priced $462.1 million of notes due July 15, 2027 in a collateralized loan obligation offering, according to a market source.
Cutwater 2015-I, Ltd./Cutwater 2015-I, LLC sold $200 million of class A-1 senior secured floating-rate notes at Libor plus 161 basis points; $92 million of class A-2 senior secured floating-rate notes at Libor plus 153 bps; $52 million of class B senior secured floating-rate notes at Libor plus 240 bps; $22.75 million of class C senior secured deferrable floating-rate notes at Libor plus 340 bps; $18 million of class D-1 secured deferrable floating-rate notes at Libor plus 390 bps; $9 million of class D-2 secured deferrable floating-rate notes at Libor plus 465 bps; $20.25 million of class E secured deferrable floating-rate notes at Libor plus 600 bps; $9 million of class F secured deferrable floating-rate notes at Libor plus 710 bps and $39.1 million of subordinated notes.
RBC Capital Markets, LLC arranged the deal.
Cutwater Investor Services will manage the CLO.
The CLO has a 1.5-year non-call period and four-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first lien senior secured loans, eligible investments and cash.
Cutwater brought two CLO deals in 2014.
The investment management firm is based in New York City.
| Issuer: | Cutwater 2015-I, Ltd./Cutwater 2015-I, LLC
|
| Amount: | $462.1 million
|
| Maturity: | July 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | Cutwater Investor Services Corp.
|
| Call feature: | 1.5 years
|
| Settlement date: | June 3
|
|
|
| Class A-1 notes
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 161 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $92 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $52 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $22.75 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Ratings: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $39.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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