Chicago, Aug. 24 – LCM Euro LLC sold $340 million in a collateralized loan obligation being issued by LCM 38 Ltd., according to a new issue report and a press release.
The notes will mature on July 15, 2034.
The CLO consists of $193 million of class A-1A senior secured floating-rate notes at SOFR plus 210 basis points, $27.5 million of class A-1B 5.25% senior secured fixed-rate notes, $7 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $31 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $3.5 million of class B-2 5.41% senior secured fixed-rate notes, $22 million of class C deferrable mezzanine floating-rate notes at SOFR plus 365 bps, $22.5 million of class D deferrable mezzanine floating-rate notes at SOFR plus 466 bps, $11.3 million of class E deferrable mezzanine floating-rate notes at SOFR plus 835 bps, $500,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 889 bps and $21.7 million of subordinated notes.
LCM Euro LLC will manage the collateral through the end of the 2.9-year reinvestment period.
Collateral for the notes consists of first-lien senior secured loans.
The New York City-based asset management firm is an affiliated of LCM Asset Management LLC.
Issuer: | LCM 38 Ltd.
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $340 million
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Maturity: | July 15, 2034
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Structure: | Cash flow CLO
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Manager: | LCM Euro LLC
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Settlement date: | July 15, 2034
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Class A-1A notes
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Amount: | $193 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 210 bps
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Rating: | Moody's: Aaa
|
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Class A-1B notes
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Amount: | $27.5 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 5.25%
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Rating: | Moody's: Aaa
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Class A-2 notes
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Amount: | $7 million
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Securities: | Senior Secured floating-rate notes
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Coupon: | SOFR plus 250 bps
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Rating: | Fitch: AAA
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Class B-1 notes
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Amount: | $31 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 275 bps
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Rating: | Fitch: AA
|
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Class B-2 notes
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Amount: | $3.5 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 5.41%
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Rating: | Fitch: AA
|
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Class C notes
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Amount: | $22 million
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 365 bps
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Rating: | Fitch: A
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Class D notes
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Amount: | $22.5 million
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 466 bps
|
Rating: | Fitch: BBB-
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Class E notes
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Amount: | $11.3 million
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 835 bps
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Rating: | Fitch: BB-
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Class F notes
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Amount: | $500,000
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 889 bps
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Rating: | Moody's: B3
|
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Subordinated notes
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Amount: | $21.7 million
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Securities: | Subordinated notes
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