Chicago, Feb. 11 – Brigade Capital Management, LP priced $415.09 million of notes in a new Battalion CLO 17 Ltd./Battalion CLO 17 LLC collateralized loan obligation transaction, according to a pre-sale report.
The portfolio, due March 2034, includes $244 million of class A-1 senior secured floating-rate notes at Libor plus 126 basis points, $14 million of class A-2 senior secured floating-rate notes at Libor plus 144 bps and $46 million of class B senior secured floating-rate notes at Libor plus 160 bps.
Also included are $24 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 210 bps, $21 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 325 bps, $17 million of class E junior secured deferrable floating-rate notes at Libor plus 625 bps, $6.298 million of class F junior secured deferrable floating-rate notes at Libor plus 750 bps.
There are also two classes of subordinated notes. There are $26.95 million of subordinated A notes and $15.844 million of subordinated B notes.
There will be a two-year non-call period.
The reinvestment period ends in April 2026. Brigade Capital Management, LP will manage the CLO.
RBC Capital Markets, LLC is the underwriter.
The notes will be collateralized primarily by a portfolio of senior secured loans. Currently the portfolio is focused on high tech industries, banking and finance, health care and pharmaceuticals, media and broadcasting and the hotel sectors, in that order.
Brigade Capital is an investment advisor firm based in New York.
| Issuer: | Battalion CLO 17 Ltd./Battalion CLO 17 LLC
|
| Amount: | $415,092,000
|
| Maturity: | March 2034
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | Brigade Capital Management, LP
|
| Call: | Starting March 2023
|
| Pricing date: | Feb. 11
|
| Settlement date: | March 9
|
|
|
| Class A-1 notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $21 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | $17 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | $6.298 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated A notes
|
| Amount: | $26.95 million
|
| Securities: | Subordinated notes
|
|
|
| Subordinated B notes
|
| Amount: | $15.844 million
|
| Securities: | Subordinated notes
|
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