By Cristal Cody
Tupelo, Miss., March 20 - JFIN CLO 2013 Ltd./ JFIN CLO 2013 LLC priced $461.53 million in seven tranches of senior secured and deferrable floating-rate and subordinated notes due Jan. 20, 2025, according to a market source.
JFIN CLO priced $259 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at a spread of Libor plus 115 basis points; $58 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 200 bps; $36 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 300 bps; $26.5 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $25 million of class D senior secured deferrable floating-rate notes (/BB/) at Libor plus 475 bps; $10 million of class E deferrable floating-rate notes at Libor plus 600 bps; and $47.03 million of subordinated notes.
Citigroup Global Markets Inc. arranged the offering.
Jefferies Finance LLC is the CLO manager.
Collateral consists of U.S. dollar-denominated senior secured loans to broadly syndicated corporate borrowers.
The notes have a non-call period that ends on Jan. 20, 2015.
JFIN CLO 2013 is a managed cash flow CLO.
| Issuer: | JFIN CLO 2013 Ltd./ JFIN CLO 2013 LLC
|
| Amount: | $461.53 million
|
| Maturity: | Jan. 20, 2025
|
| Securities: | Senior secured floating-rate and deferrable notes, subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Citigroup Global Markets Inc.
|
| Manager: | Jefferies Finance LLC
|
| Call feature: | Jan. 20, 2015
|
| Settlement date: March 27
|
|
|
| Class A-1 notes
|
| Amount: | $259 million
|
| Securities: | Class A-1 senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $58 million
|
| Securities: | Class A-2 senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Class B senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $26.5 million
|
| Securities: | Class C senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Class D senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Standard & Poor's: BB
|
|
|
| Class E notes
|
| Amount: | $10 million
|
| Securities: | Class E deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Ratings: | Non-rated
|
|
|
| Subordinated notes
|
| Amount: | $47.03 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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