By Cristal Cody
Tupelo, Miss., Dec. 22 – Eaton Vance Management priced $391.55 million of notes in a refinancing and reset of a vintage 2015 collateralized loan obligation deal, according to a market source and a notice of executed first supplemental indenture on Thursday.
Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC sold $2 million of class X senior secured floating-rate notes at Libor plus 60 basis points, $246 million of class A-1-R senior secured floating-rate notes at Libor plus 107 bps, $22.5 million of class A-2-R senior secured floating-rate notes at Libor plus 125 bps and $29 million of class B-R senior secured floating-rate notes at Libor plus 145 bps.
The CLO priced $30.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps, $24.4 million of class D-R senior secured deferrable floating-rate notes at Libor plus 250 bps, $16.6 million of class E-R senior secured deferrable floating-rate notes at Libor plus 560 bps and $8 million of class F-R senior secured deferrable floating-rate notes at Libor plus 797 bps.
The deal includes the original $32.55 million of subordinated notes.
Wells Fargo Securities, LLC arranged the transaction.
Eaton Vance will continue to manage the CLO.
The maturity on the notes was extended to Jan. 20, 2030 from the original Oct. 20, 2026 maturity.
The refinanced CLO has a one-year non-call period and a two-year reinvestment period.
The original $408.55 million CLO was issued Oct. 29, 2015. The CLO had priced $246 million of class A senior secured floating-rate notes at Libor plus 145 bps; $40 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps; $6.25 million of 4% class B-2 senior secured fixed-rate notes; $34.35 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps; $23.4 million of class D senior secured deferrable floating-rate notes at Libor plus 420 bps; $16 million of class E secured deferrable floating-rate notes at Libor plus 750 bps; $10 million of class F secured deferrable floating-rate notes at Libor plus 805 bps and $32.55 million of subordinated notes.
Proceeds were used to redeem the original notes.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Boston-based Eaton Vance Management is a subsidiary of Eaton Vance Corp.
| Issuer: | Eaton Vance CLO 2015-1 Ltd./Eaton Vance CLO 2015-1, LLC
|
| Amount: | $391.55 million refinancing
|
| Maturity: | Jan. 20, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities, LLC
|
| Manager: | Eaton Vance Management
|
| Call feature: | One year
|
| Settlement date: | Dec. 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Coupon: | Libor plus 60 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $246 million
|
| Coupon: | Libor plus 107 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $22.5 million
|
| Coupon: | Libor plus 125 bps
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $29 million
|
| Coupon: | Libor plus 145 bps
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $30.5 million
|
| Coupon: | Libor plus 190 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $24.4 million
|
| Coupon: | Libor plus 250 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $16.6 million
|
| Coupon: | Libor plus 560 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: Ba2
|
|
|
| Class F-R notes
|
| Amount: | $8 million
|
| Coupon: | Libor plus 797 bps
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $32.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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