By Cristal Cody
Tupelo, Miss., Dec. 15 – Invesco Senior Secured Management, Inc. priced $408 million of notes due Jan. 15, 2033 in the manager’s first dollar-denominated broadly syndicated collateralized loan obligation transaction of the year, according to market sources.
Lucali CLO Ltd./Lucali CLO LLC sold $2 million of class X floating-rate notes at Libor plus 75 basis points, $256 million of class A floating-rate notes at Libor plus 121 bps and $48 million of class B floating-rate notes at Libor plus 160 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 220 bps, $24 million of class D deferrable floating-rate notes at Libor plus 360 bps, $14 million of class E deferrable floating-rate notes at Libor plus 554 bps and $40 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The issue is collateralized primarily by first-lien senior secured loans.
Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.
| Issuer: | Lucali CLO Ltd./Lucali CLO LLC
|
| Amount: | $408 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Call feature: | One year
|
| Settlement date: | Jan. 7
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 554 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
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