By Cristal Cody
Tupelo, Miss., Jan. 26 – Greywolf Capital Management LP priced $649 million of notes in a refinancing and reset of a vintage 2015 collateralized loan obligation, according to a market source.
Greywolf CLO V, Ltd./Greywolf CLO V, LLC sold $3.5 million of class X senior secured floating-rate notes at Libor plus 65 basis points; $420 million of class A-1-R senior secured floating-rate notes at Libor plus 116 bps; $105 million of class A-2-R senior secured floating-rate notes at Libor plus 168 bps; $50.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 200 bps; $42 million of class C-R senior secured deferrable floating-rate notes at Libor plus 300 bps and $28 million of class D-R senior secured deferrable floating-rate notes at Libor plus 585 bps.
Goldman Sachs & Co. LLC arranged the deal.
Greywolf Loan Management LP is the CLO manager.
The maturity on the refinanced notes was extended to January 2031 from the original April 25, 2027 maturity.
The CLO has a two-year non-call period and a five-year reinvestment period.
The CLO was originally issued on April 29, 2015. In the first issuance, the CLO priced $421.5 million of class A-1 floating-rate notes at Libor plus 160 bps; $73.6 million of class A-2 floating-rate notes at Libor plus 240 bps; $42.8 million of class B deferrable floating-rate notes at Libor plus 335 bps; $35 million of class C deferrable floating-rate notes at Libor plus 380 bps; $26.1 million of class D deferrable floating-rate notes at Libor plus 570 bps and $59.9 million of subordinated notes.
Proceeds were used to redeem the original notes.
Greywolf Capital Management is a Purchase, N.Y.-based investment management firm.
| Issuer: | Greywolf CLO V, Ltd./Greywolf CLO V, LLC
|
| Amount: | $649 million refinancing
|
| Maturity: | January 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Greywolf Loan Management LP
|
| Call feature: | Two years
|
| Pricing date: | Jan. 17
|
| Settlement date: | Jan. 25
|
|
|
| Class X notes
|
| Amount: | $421.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $420 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $105 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $50.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 585 bps
|
| Rating: | S&P: BB-
|
© 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.
