By Cristal Cody
Tupelo, Miss., April 10 – LCM Asset Management LLC sold $404.55 million of notes due April 20, 2031 at par in the new issue LCM 30 Ltd./LCM 30 LLC collateralized loan obligation deal, according to market sources.
The CLO priced $2 million of class X senior floating-rate notes at Libor plus 75 basis points, $242 million of class A-1 senior floating-rate notes at Libor plus 133 bps, $18 million of class A-2 senior floating-rate notes at Libor plus 165 bps and $37.6 million of class B senior floating-rate notes at Libor plus 185 bps.
LCM 30 also sold $30 million of class C deferrable mezzanine floating-rate notes at Libor plus 260 bps; $20.4 million of class D deferrable mezzanine floating-rate notes at Libor plus 375 bps; $15.2 million of class E deferrable mezzanine floating-rate notes at Libor plus 695 bps and $39.35 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
LCM Asset Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
Issuer: | LCM 30 Ltd./LCM 30 LLC
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Amount: | $404.55 million
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Maturity: | April 20, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | LCM Asset Management LLC
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Call feature: | Two years
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Pricing date: | March 28
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Settlement date: | April 25
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Distribution: | Rule 144A and Regulation S
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Class X notes
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Amount: | $2 million
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Securities: | Senior floating-rate notes
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Coupon: | Libor plus 75 bps
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Price: | Par
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Ratings: | Moody’s: Aaa
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| S&P: AAA
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Class A-1 notes
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Amount: | $242 million
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Securities: | Senior floating-rate notes
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Coupon: | Libor plus 133 bps
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Price: | Par
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Ratings: | Moody’s: Aaa
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| S&P: AAA
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Class A-2 notes
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Amount: | $18 million
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Securities: | Senior floating-rate notes
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Coupon: | Libor plus 165 bps
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Price: | Par
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Ratings: | Moody’s: Aaa
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| S&P: Non-rated
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Class B notes
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Amount: | $37.6 million
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Securities: | Deferable mezzanine floating-rate notes
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Coupon: | Libor plus 185 bps
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Price: | Par
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Rating: | S&P: AA
|
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Class C notes
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Amount: | $30 million
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Securities: | Deferable mezzanine floating-rate notes
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Coupon: | Libor plus 260 bps
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Price: | Par
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Rating: | S&P: A
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|
Class D notes
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Amount: | $20.4 million
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Securities: | Deferable mezzanine floating-rate notes
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Coupon: | Libor plus 375 bps
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Price: | Par
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $15.2 million
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Securities: | Deferable mezzanine floating-rate notes
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Coupon: | Libor plus 695 bps
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Price: | Par
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Rating: | S&P: BB-
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|
Equity
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Amount: | $39.35 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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