Chicago, Sept. 12 – LCM EURO II LLC sold $498.09 million in a collateralized loan obligation being issued by LCM 39 Ltd./LCM 39 LLC, according to a presale report.
The notes will mature on October 2034.
The CLO consists of $307.5 million of class A-1 senior floating-rate notes at SOFR plus 185 basis points, $17.5 million of class A-2 senior floating-rate notes at SOFR plus 235 bps, $44.75 million of class B senior floating-rate notes at SOFR plus 285 bps, $31 million of class C deferrable mezzanine floating-rate notes at SOFR plus 370 bps, $32.5 million of class D deferrable mezzanine floating-rate notes at SOFR plus 510 bps, $18 million of class E deferrable mezzanine floating-rate notes at SOFR plus 789 bps, $500,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 921 bps and $46.34 million of subordinated notes.
LCM EURO II LLC will manage the collateral through the end of the reinvestment period in October 2027.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting October 2024.
Deutsche Bank Securities Inc. was the placement agent.
The New York City-based asset management firm is an affiliated of LCM Asset Management LLC.
Issuer: | LCM 39 Ltd./LCM 39 LLC
|
Issue: | Floating-rate notes and subordinated notes
|
Amount: | $498.09 million
|
Maturity: | October 2034
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Structure: | Cash flow CLO
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Placement agent: | Deutsche Bank Trust Co. Americas
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Manager: | LCM Euro II LLC
|
Call feature: | October 2024
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Settlement date: | Oct. 21
|
|
Class A-1 notes
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Amount: | $307.5 million
|
Securities: | Senior floating-rate notes
|
Coupon: | SOFR plus 185 bps
|
Rating: | Moody's: Aa
|
| Fitch: AAA
|
|
Class A-2 notes
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Amount: | $17.5 million
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Securities: | Senior floating-rate notes
|
Coupon: | SOFR plus 235 bps
|
Rating: | Fitch: AAA
|
|
Class B notes
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Amount: | $44.75 million
|
Securities: | Senior floating-rate notes
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Coupon: | SOFR plus 285 bps
|
Rating: | Fitch: AA
|
|
Class C notes
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Amount: | $31 million
|
Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 370 bps
|
Rating: | Fitch: A
|
|
Class D notes
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Amount: | $32.5 million
|
Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 510 bps
|
Rating: | Fitch: BBB-
|
|
Class E notes
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Amount: | $18 million
|
Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | SOFR plus 789 bps
|
Rating: | Fitch: BB-
|
|
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 921 bps
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Rating: | Moody’s: B3
|
|
Subordinated notes
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Amount: | $46.34 million
|
Securities: | Subordinated notes
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|
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