By Cristal Cody
Tupelo, Miss., Aug. 7 – Eaton Vance Management priced a $451.93 million broadly syndicated collateralized loan obligation offering in its first deal of the year, according to market sources.
Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1, LLC sold $281.25 million of class A floating-rate notes at Libor plus 165 basis points and $60.75 million of class B floating-rate notes at Libor plus 210 bps.
The CLO priced $27 million of class C floating-rate notes at Libor plus 280 bps, $22.5 million of class D floating-rate notes at Libor plus 420 bps, $15.75 million of class E floating-rate notes at Libor plus 789 bps and $44.68 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
Eaton Vance will manage the CLO.
The notes are due Oct. 15, 2030.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2020-1 Ltd./Eaton Vance CLO 2020-1, LLC
|
| Amount: | $451.93 million
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | One year
|
| Pricing date: | July 29
|
| Settlement date: | Aug. 25
|
|
|
| Class A notes
|
| Amount: | $281.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 789 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44.68 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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