By Cristal Cody
Eureka Springs, Ark., Dec. 12 – Eaton Vance Management priced $401.9 million of notes in a refinancing and reset of a 2013 collateralized loan obligation deal, according to a market source.
Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC sold $2.4 million of class A-X senior secured floating-rate notes at Libor plus 100 basis points; $260.6 million of class A-1-R senior secured floating-rate notes at Libor plus 142 bps; $58.9 million of class A-2-R senior secured floating-rate notes at Libor plus 210 bps; $27.5 million of class B-R senior secured deferrable floating-rate notes at Libor plus 300 bps; $21 million of class C-R senior secured deferrable floating-rate notes at Libor plus 425 bps; $21 million of class D-R secured deferrable floating-rate notes at Libor plus 760 bps; $1.5 million of class E-R secured deferrable floating-rate notes at Libor plus 575 bps and an additional $9 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the refinancing transaction.
Eaton Vance will manage the CLO.
The maturity on the refinanced notes was extended to Jan. 15, 2028 from the original Nov. 13, 2024 due date.
The refinanced CLO now has a non-call period that ends Jan. 15, 2019 and a reinvestment period that ends July 15, 2021.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds will be used to redeem the original notes.
Boston-based Eaton Vance Management, a subsidiary of Eaton Vance Corp., priced one CLO transaction in 2015.
| Issuer: | Eaton Vance CLO 2013-1 Ltd./Eaton Vance CLO 2013-1, LLC
|
| Amount: | $401.9 million refinancing
|
| Maturity: | Jan. 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | Jan. 15, 2019
|
| Pricing date: | Dec. 8
|
| Refinancing date: | Dec. 20
|
|
|
| Class A-X notes
|
| Amount: | $2.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $260.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $58.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-R notes
|
| Amount: | $1.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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