By Cristal Cody
Tupelo, Miss., March 26 - Jefferies Finance LLC priced $309 million of notes due April 10, 2025 in a new collateralized loan obligation transaction, according to a market source on Wednesday.
JFIN MM CLO 2014-II Ltd./JFIN MM CLO 2014-II LLC sold $170 million of class A senior secured delayed-draw floating-rate notes (Aaa) at Libor plus 160 basis points; $24 million of class B senior secured delayed-draw floating-rate notes (Aa2) at Libor plus 215 bps; $22.5 million of class C secured deferrable floating-rate notes at Libor plus 266 bps; $18 million of class D secured deferrable floating-rate notes at Libor plus 335 bps; $22.5 million of class E secured deferrable floating-rate notes at Libor plus 650 bps and $52 million of subordinated notes.
Jefferies LLC arranged the transaction.
Jefferies Finance will manage the CLO, which is backed primarily by small and medium enterprise and broadly syndicated first-lien senior secured corporate loans and eligible investments.
The CLO has a two-year non-callable period and a three-year reinvestment period.
Jefferies Finance was last in the market in February with the $522.2 million JFIN CLO 2014 Ltd./JFIN CLO 2014 LLC transaction.
New York City-based Jefferies Finance is a commercial finance firm co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.
| Issuer: | JFIN MM CLO 2014-II Ltd./JFIN MM CLO 2014-II LLC
|
| Amount: | $309 million
|
| Maturity: | April 10, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow SME CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Jefferies Finance LLC
|
| Call feature: | 2016
|
| Settlement date: | April 10
|
|
|
| Class A notes
|
| Amount: | $170 million
|
| Securities: | Senior secured delayed-draw floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Senior secured delayed-draw floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 266 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
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| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
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| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $52 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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