By Cristal Cody
Tupelo, Miss., Feb. 16 – Romark CLO Advisors LLC sold $467,025,000 of notes in a refinancing and reset of a vintage 2013 collateralized loan obligation transaction, according to a market source and a notice of executed supplemental indenture on Friday.
Brookside Mill CLO Ltd./Brookside Mill CLO LLC priced $4 million of class X-R senior floating-rate notes at Libor plus 60 basis points; $270.9 million of class A-R senior floating-rate notes at Libor plus 82 bps; $48.3 million of class B-R senior floating-rate notes at Libor plus 135 bps; $19.74 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 180 bps; $26.46 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 265 bps; $23.1 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 550 bps; $3.15 million of class F deferrable mezzanine floating-rate notes at Libor plus 726 bps and $71,375,000 of subordinated notes.
BofA Merrill Lynch arranged the offering.
Romark will manage the CLO.
The maturity on the notes was extended to Jan. 17, 2028 from the original April 2025 maturity.
Romark also extended the non-call period by one year and the reinvestment period by two years.
Shenkman Capital Management, Inc. priced the original $471.38 million CLO, which was issued on May 23, 2013.
The CLO had sold the $2.25 million of class X notes at Libor plus 90 bps; $237 million of class A-1 floating-rate notes at Libor plus 115 bps; $40 million of class A-2 floating-rate notes at Libor plus 115 bps; $53 million of class B-1 floating-rate notes at Libor plus 175 bps; $11 million of 3.02% class B-2 fixed-rate notes; $21.5 million of class C-1 floating-rate notes at Libor plus 280 bps; $10 million of 4.09% class C-2 fixed-rate notes; $24.25 million of class D floating-rate notes at Libor plus 305 bps; $21.25 million of class E floating-rate notes at Libor plus 440 bps and $51.13 million of subordinated notes.
Proceeds from the refinancing were used to redeem the original notes.
Romark is an affiliate of New York-based investment firm Shenkman Capital Management.
| Issuer: | Brookside Mill CLO Ltd./Brookside Mill CLO LLC
|
| Amount: | $467,025,000 refinancing
|
| Maturity: | Jan. 17, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Romark CLO Advisors LLC
|
| Call feature: | January 2019
|
| Settlement date: | Feb. 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $4 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $270.9 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48.3 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $19.74 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $26.46 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $23.1 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $3.15 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 726 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $71,375,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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