By Cristal Cody
Tupelo, Miss., Dec. 31 – Marble Point CLO Management LLC priced $406.1 million of notes due Dec. 18, 2030 in the new Marble Point CLO XIV, Ltd./Marble Point CLO XIV LLC transaction, according to a market source.
The CLO sold $325 million of class A floating-rate notes at Libor plus 118 basis points; $51.25 million of class B floating-rate notes at Libor plus 150 bps; $30 million of class C floating-rate notes at Libor plus 180 bps; $31.25 million of class D floating-rate notes at Libor plus 280 bps; $22.5 million of class E floating-rate notes at Libor plus 560 bps and $48.5 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Marble Point CLO Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The CLO is backed predominantly by broadly syndicated first-lien senior secured corporate loans.
Marble Point CLO Management is part of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
Issuer: | Marble Point CLO XIV, Ltd./Marble Point CLO XIV LLC
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Amount: | $406.1 million
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Maturity: | Dec. 18, 2030
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Marble Point CLO Management LLC
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Call feature: | Two years
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Settlement date: | Dec. 7
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Distribution: | Rule 144A, Regulation S
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Class A notes
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Amount: | $325 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 118 bps
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Rating: | Fitch: AAA
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Class B notes
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Amount: | $51.25 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 150 bps
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Ratings: | Non-rated
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Class C notes
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Amount: | $30 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 180 bps
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Ratings: | Non-rated
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Class D notes
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Amount: | $31.25 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 280 bps
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Ratings: | Non-rated
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Class E notes
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Amount: | $22.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 560 bps
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Ratings: | Non-rated
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Equity
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Amount: | $48.5 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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