Chicago, Jan. 6 – Generate Advisors LLC refinanced for $498.36 million the collateralized loan obligation issued by Generate CLO 8 Ltd./Generate CLO 8 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The refinanced CLO consists of $4.36 million of class X-R senior secured floating-rate notes at Libor plus 100 basis points, $310 million of class A-R senior secured floating-rate notes at Libor plus 120 bps, $70 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 220 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 350 bps, $17.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 695 bps, and $36.5 million of subordinated notes.
Originally, the CLO sold $3,375,000 of class X floating-rate notes at Libor plus 110 basis points, $258 million of class A-1 floating-rate notes at Libor plus 150 bps and $12 million of 1.863% class A-2 fixed-rate notes.
The CLO also initially priced $64 million of class B-1 floating-rate notes at Libor plus 185 bps and $8 million of 2.368% class B-2 fixed-rate notes.
Lower, the CLO had $24.75 million of class C deferrable floating-rate notes at Libor plus 280 bps, $24 million of class D-1 deferrable floating-rate notes at Libor plus 450 bps, $2.3 million of class D-2 deferrable floating-rate notes at Libor plus 550 bps, $4.28 million of class E deferrable floating-rate notes at Libor plus 788 bps and $36.5 million of subordinated notes.
Generate Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Goldman Sachs & Co. LLC was the placement agent.
Generate Advisors is controlled by Kennedy Lewis Investment Management LLC.
The refinancing and renaming pertains to the transaction originally issued in November 2020 by York CLO-8 Ltd./York CLO-8 LLC.
| Issuer: | Generate CLO 8 Ltd./Generate CLO 8 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $498.36 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Generate Advisors LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Dec. 3
|
|
|
| Class X-R notes
|
| Amount: | $4.36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
|
|
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