Chicago, March 28 – ZAIS Leveraged Loan Master Manager LLC priced $398 million in a collateralized loan obligation being issued by Navesink CLO 2 Ltd./Navesink CLO 2 LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $168 million of class A-1 senior secured floating-rate notes at SOFR plus 127 basis points, $100 million of class A-2 senior secured floating-rate notes at SOFR plus 158 bps, $40 million of class B senior secured floating-rate notes at SOFR plus 220 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 236 bps, $14 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 485 bps, $10 million of class D-J senior secured deferrable floating-rate notes at SOFR plus 609 bps, $10 million of class E senior secured deferrable floating-rate notes at SOFR plus 750 bps and $32 million of subordinated notes.
ZAIS Leveraged Loan Master Manager LLC will manage the collateral through the end of the reinvestment period on April 15, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 11, 2025.
Goldman Sachs & Co. LLC was the placement agent.
Zais Group, LLC is a structured credit asset management firm based in Red Bank, N.J.
| Issuer: | Navesink CLO 2 Ltd./Navesink CLO 2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $398 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | ZAIS Leveraged Loan Master Manager LLC
|
| Call feature: | April 11, 2025
|
| Pricing date: | March 21
|
| Settlement date: | April 11
|
|
|
| Class A-1 notes
|
| Amount: | $168 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 127 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 158 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 236 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 485 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-J notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 609 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32 million
|
| Securities: | Subordinated notes
|
|
|
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