EFJ Capital to price $273.4 million of fixed-to-floating-rate notes in new CDO transaction

By Cristal Cody

Tupelo, Miss., July 16 – EFJ Capital LLC is offering $273.4 million of notes in four tranches in a static collateralized debt obligation, according to market sources.

The TruPS Financials Note Securitization 2020-1/TruPS Financials Note Securitization 2020-1 LLC offering includes $169.7 million of class A-1 senior secured fixed-to-floating-rate notes (Aa2), $19.8 million of class A-2 mezzanine deferrable fixed-to-floating-rate notes (A3), $22.7 million of class B mezzanine deferrable fixed-to-floating-rate notes (Baa3) and $61.2 million of preferred shares.

BofA Securities, Inc. is the placement agent.

EFJ CDO Manager LLC will manage the CLO.

The notes are due April 16, 2040.

The CDO has a two-year non-call period.

The issue is backed by a portfolio of trust preferred securities, subordinated debt, senior notes and surplus notes issued by U.S. community banks and insurance companies.

Settlement is expected in August.

EFJ Capital is an Arlington, Va.-based alternative asset manager.

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