By Cristal Cody
Tupelo, Miss., Dec. 28 – Z Capital CLO Management, LLC plans to refinance notes from a vintage 2015 collateralized loan obligation at set spreads in a deal expected to be executed on Jan. 16, according to a notice of proposed supplemental indenture on Dec. 21.
Z Capital Credit Partners CLO 2015-1 Ltd./Z Capital Credit Partners CLO 2015-1 LLC plans to price class A-1-R senior secured floating-rate notes at Libor plus 95 basis points; class A-X-R amortizing senior secured floating-rate notes at Libor plus 62 bps; class B-R senior secured floating-rate notes at Libor plus 145 bps; class C-R senior secured deferrable floating-rate notes at Libor plus 185 bps; class D-R secured deferrable floating-rate notes at Libor plus 310 bps.
Amherst Pierpont Securities LLC is the refinancing placement agent.
Z Capital CLO Management is the CLO manager.
The non-call period will be extended to October 2018 from the original Jan. 15, 2018 non-call period.
In the original $400.25 million offering of notes due July 15, 2027 that were issued on July 16, 2015, the CLO sold $6 million of class A-X amortizing senior secured floating-rate notes at Libor plus 130 bps and $243 million of class A-1 senior secured floating-rate notes at Libor plus 133 bps.
The CLO also priced $48 million of class B senior secured floating-rate notes at Libor plus 204 bps; $24.5 million of class C secured deferrable floating-rate notes at Libor plus 320 bps; $20 million of class D secured deferrable floating-rate notes at Libor plus 400 bps; $18.5 million of class E secured deferrable floating-rate notes at Libor plus 597 bps; $5.25 million of class F secured floating-rate notes at Libor plus 645 bps and $35 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Z Capital is a Lake Forest, Ill.-based private equity firm.
| Issuer: | Z Capital Credit Partners CLO 2015-1 Ltd./Z Capital Credit Partners CLO 2015-1 LLC
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Amherst Pierpont Securities LLC
|
| Manager: | Z Capital CLO Management, LLC
|
| Call feature: | October 2018
|
| Notice date: | Dec. 21
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| Settlement date: | Jan. 16
|
|
|
| Class A-1-R notes
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class A-X-R notes
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 62 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA expected
|
|
|
| Class B-R notes
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
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| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB expected
|
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