By Cristal Cody
Tupelo, Miss., March 24 – ICG Debt Advisors LLC priced $322 million of notes due Oct. 15, 2026 in a refinancing of a vintage 2014 collateralized loan obligation transaction, according to a market source.
ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC sold $247 million of class A-R notes at par to yield Libor plus 119 basis points, $51 million of class B-R notes at par to yield Libor plus 150 bps and $24 million of class C-R notes at par to yield Libor plus 235 bps.
Citigroup Global Markets Inc. was the refinancing agent.
ICG Debt Advisors is the CLO manager.
ICG US CLO 2014-2 on July 18, 2014 originally priced $247 million of class A senior term notes at Libor plus 145 bps, $51 million of class B senior term notes at Libor plus 210 bps and $24 million of class C deferrable mezzanine term notes at Libor plus 310 bps.
The class X, D-1, D-2, E and F notes were not refinanced.
ICG Debt Advisors has priced one new CLO and refinanced one vintage CLO year to date.
The New York-based firm, a subsidiary of London-based parent company Intermediate Capital Group plc, priced one CLO offering in 2016.
| Issuer: | ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC
|
| Amount: | $322 million refinancing
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| Maturity: | Oct. 15, 2026
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| Securities: | Notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Citigroup Global Markets Inc.
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| Manager: | ICG Debt Advisors LLC
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| Pricing date: | March 14
|
|
|
| Class A-R notes
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| Amount: | $247 million
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| Coupon: | Libor plus 119 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
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| Amount: | $51 million
|
| Coupon: | Libor plus 150 bps
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| Price: | Par
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| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Coupon: | Libor plus 235 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
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