By Cristal Cody
Tupelo, Miss., April 2 – Invesco Senior Secured Management, Inc. priced $407.85 million of notes in a refinancing and reset of a vintage 2016 collateralized loan obligation transaction, according to a market source.
Upland CLO, Ltd./Upland CLO, LLC sold $850,000 of class X floating-rate notes at Libor plus 65 basis points; $258 million of class A-1-R floating-rate notes at Libor plus 102 bps; $48.25 million of class A-2-R floating-rate notes at Libor plus 140 bps; $19.75 million of class B-R floating-rate notes at Libor plus 180 bps, $27.5 million of class C-R floating-rate notes at Libor plus 260 bps, $15.25 million of class D-R floating-rate notes at Libor plus 550 bps and $38.25 million of subordinated notes.
Citigroup Global Markets Inc. was the refinancing placement agent.
The maturity on the notes was extended to April 20, 2031 from the original April 20, 2028 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
The original $406.25 million Upland CLO priced on March 29, 2016 and sold $235 million of class A-1A floating-rate notes at Libor plus 160 bps, $25 million of 2.99% class A-1B fixed-rate notes, $21 million of class A-2A floating-rate notes at Libor plus 240 bps and $26 million of 3.95% class A-2B fixed-rate notes.
The CLO also had priced $10 million of class B-1 floating-rate notes at Libor plus 345 bps, $8.5 million of 5% class B-2 fixed-rate notes, $26 million of class C floating-rate notes at Libor plus 435 bps, $16.5 million of class D floating-rate notes at Libor plus 825 bps and $38.25 million of subordinated notes.
Proceeds from the transaction will be used to redeem the original notes on April 20.
The offering is collateralized primarily by first-lien senior secured loans.
Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.
| Issuer: | Upland CLO, Ltd./Upland CLO, LLC
|
| Amount: | $407.85 million refinancing
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Call feature: | Two years
|
| Settlement date: | April 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $850,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-1-R notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $48.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-R notes
|
| Amount: | $19.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-R notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-R notes
|
| Amount: | $15.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $38.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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