Chicago, Sept. 5 – Regatta Loan Management LLC priced $408.6 million of notes due Oct. 15, 2032 in a new collateralized loan obligation offering, according to a market source.
Regatta XII Funding Ltd./Regatta XII Funding LLC sold $248 million of class A-1 floating-rate notes at Libor plus 132 basis points and $13 million of class A-2 floating-rate notes at Libor plus 165 bps.
The CLO sold $43 million of class B floating-rate notes at Libor plus 175 bps; $24 million of class C deferrable floating-rate notes at Libor plus 245 bps; $22.6 million of class D deferrable floating-rate notes at Libor plus 375 bps; $15 million of class E deferrable floating-rate notes at Libor plus 685 bps and $43 million of subordinated notes.
BNP Paribas Securities Corp. arranged the deal.
Regatta Loan Management LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated speculative-grade senior secured loans.
The asset management firm is based in New York.
| Issuer: | Regatta XII Funding Ltd./Regatta XII Funding LLC
|
| Amount: | $408.6 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Regatta Loan Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 4
|
| Settlement date: | Oct. 15
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $43 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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