Chicago, Nov. 24 – Brigade Capital Management LP refinanced and extended for $405.6 million the collateralized loan obligation issued by Battalion CLO 18 Ltd./Battalion CLO 18 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2036.
The refinanced CLO consists of $1 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $34 million of class A-R senior secured floating-rate notes at Libor plus 120 bps, $218 million of class A senior secured floating-rate loans at Libor plus 120 bps, $52 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 220 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 345 bps, $16 million of class E-R senior secured deferrable floating-rate notes at Libor plus 671 bps and $36.6 million of subordinated notes.
The original CLO sold $236 million of class A-1 floating-rate notes at Libor plus 180 bps, $20 million of 2.12% class A-2 fixed-rate notes and $48 million of class B floating-rate notes at Libor plus 230 bps.
The CLO also initially priced $24 million of class C deferrable floating-rate notes at Libor plus 285 bps, $12 million of class D-1 deferrable floating-rate notes at Libor plus 400 bps, $8 million of class D-2 deferrable floating-rate notes at Libor plus 400 bps, $14 million of class E deferrable floating-rate notes at Libor plus 794 bps and $36.6 million of subordinated notes.
Brigade Capital Management LP will manage the collateral through the end of the reinvestment period on Oct. 16, 2026.
Collateral will mainly be made of broadly syndicated senior secured speculative-grade term loans.
The notes can be called starting Oct. 15, 2023.
Barclays was the placement agent.
| Issuer: | Battalion CLO 18 Ltd./Battalion CLO 18 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $405.6 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Brigade Capital Management LP
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 20
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $34 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $218 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 671 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.6 million
|
| Securities: | Subordinated notes
|
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