By Cristal Cody
Tupelo, Miss., Dec. 15 – Pacific Investment Management Co. LLC priced $404.3 million of notes due Jan. 20, 2032 in its first post financial-crisis collateralized loan obligation offering, according to market sources.
Balboa Bay Loan Funding 2020-1 Ltd./Balboa Bay Loan Funding 2020-1 LLC sold $248 million of class A floating-rate notes at Libor plus 135 basis points and $56 million of class B floating-rate notes at Libor plus 175 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 255 bps, $20 million of class D deferrable floating-rate notes at Libor plus 400 bps, $14 million of class E deferrable floating-rate notes at Libor plus 789 bps and $42.3 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Pimco will manage the CLO, which has a one-year non-call period and a three-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans, cash and eligible investments.
The deal is the company’s first new CLO offering in 13 years, a source said.
Pacific Investment Management is an investment management firm based in Newport Beach, Calif.
| Issuer: | Balboa Bay Loan Funding 2020-1 Ltd./Balboa Bay Loan Funding 2020-1 LLC
|
| Amount: | $404.3 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Pacific Investment Management Co. LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 22
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 789 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $42.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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