Chicago, Feb. 22 – Morgan Stanley Eaton Vance CLO Manager LLC refinanced and extended for $466.75 million the collateralized loan obligation issued by 522 Funding CLO 2019-5 Ltd./522 Funding CLO 2019-5 LLC, according to a pre-sale report.
The notes will mature on April 15, 2035.
The refinanced CLO consists of $4.5 million of class X senior secured floating-rate notes at SOFR plus 115 basis points, $274.5 million of class A-R senior secured floating-rate notes at SOFR plus 133 bps, $67.5 million of class B-R senior secured floating-rate notes at SOFR plus 185 bps, $27 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 220 bps, $27 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 325 bps, $15.75 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 676 bps, $5 million of class F senior secured deferrable floating-rate notes at SOFR plus 862 bps and $45.5 million of subordinated notes.
Morgan Stanley Eaton Vance CLO Manager LLC will manage the collateral through the end of the reinvestment period on April 15, 2027.
The notes are backed by a collateral pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Citigroup Global Markets Inc. was the placement agent.
Morgan Stanley Investment Management is a New York-based capital manager and subsidiary of financial products and services company Morgan Stanley.
| Issuers: | 522 Funding CLO 2019-5 Ltd./522 Funding CLO 2019-5 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $466.75 million
|
| Maturity: | April 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Morgan Stanley Eaton Vance CLO Manager LLC
|
| Call feature: | April 15, 2024
|
| Settlement date: | Feb. 23
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $274.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 676 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 862 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $45.5 million
|
| Securities: | Subordinated notes
|
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