By Cristal Cody
Tupelo, Miss., April 3 – CF H-BSL Management LLC refinanced $242.5 million of notes due Jan. 17, 2026 in a refinancing of a 2013 collateralized loan obligation deal, according to a market source.
Hildene CLO I Ltd./Hildene CLO I LLC priced $187.5 million of class A-R senior secured floating-rate notes at par to yield Libor plus 115 basis points, $38.5 million of class B-R senior secured floating-rate notes at par to yield Libor plus 165 bps and $16.5 million of class C-R deferrable mezzanine floating-rate notes at par to yield Libor plus 250 bps.
BofA Merrill Lynch was the refinancing agent.
CF H-BSL will manage the CLO.
Proceeds of the offering will be used to redeem the original class A, B and C notes.
The CLO originally priced in December 2013 $187.5 million of class A senior secured floating-rate notes at Libor plus 150 bps; $28.5 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps; $10 million of 4.65% class B-2 senior secured fixed-rate notes; $16.5 million of class C deferrable mezzanine floating-rate notes at Libor plus 300 bps; $18.5 million of class D deferrable mezzanine floating-rate notes at Libor plus 375 bps; $14.5 million of class E deferrable mezzanine floating-rate notes at Libor plus 515 bps; $6 million of class F deferrable mezzanine floating-rate notes at Libor plus 625 bps and $28.25 million of subordinated notes.
Hildene Leveraged Credit LLC originally priced the CLO and sold the management contracts for its CLOs in 2016.
CF H-BSL is a New York-based affiliate of Fortress Investment Group LLC.
| Issuer: | Hildene CLO I Ltd./Hildene CLO I LLC
|
| Amount: | $242.5 million refinancing
|
| Maturity: | Jan. 17, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | CF H-BSL Management LLC
|
| Pricing date: | March 30
|
|
|
| Class A-R notes
|
| Amount: | $187.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $38.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
