By Cristal Cody
Tupelo, Miss., Dec. 23 – Highbridge Principal Strategies LLC priced $518.5 million of notes due Jan. 21, 2026 in a collateralized loan obligation transaction, according to a market source.
Highbridge Loan Management 5-2015 Ltd./Highbridge Loan Management 5-2015 LLC sold $3 million of class X senior secured floating-rate notes (Aaa/AAA/) at Libor plus 100 basis points; $309 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 149 bps; $60.5 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 235 bps; $8 million of 4.57% class B-2 senior secured fixed-rate notes (/AA/); $30 million of class C-1 deferrable floating-rate notes (/A/) at Libor plus 320 bps; $4 million of 5.65% class C-2 deferrable fixed-rate notes (/A/); $23.75 million of class D-1 deferrable floating-rate notes (/BBB/) at Libor plus 385 bps; $4 million of class D-2 deferrable floating-rate notes (/BBB/) at Libor plus 400 bps; $21.25 million of class E deferrable floating-rate notes (/BB/) at Libor plus 535 bps; $8.75 million of class F deferrable floating-rate notes (/B/) at Libor plus 590 bps and $46.25 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Highbridge Principal Strategies will manage the CLO.
The CLO is non-callable until Jan. 21, 2017. The reinvestment period ends Jan. 21, 2019.
The deal is backed primarily by a revolving pool of broadly syndicated senior secured loans.
Highbridge has priced two CLO deals over the year, including the $513.5 million Highbridge Loan Management 4-2014 Ltd./Highbridge Loan Management 4-2014 LLC transaction on July 22.
The New York City-based affiliate of Highbridge Capital Management, LLC brought two CLO deals in 2013.
| Issuer: | Highbridge Loan Management 5-2015 Ltd./Highbridge Loan Management 5-2015 LLC
|
| Amount: | $518.5 million
|
| Maturity: | Jan. 21, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Highbridge Principal Strategies LLC
|
| Call feature: | Jan. 21, 2017
|
| Pricing date: | Dec. 18
|
| Settlement date: | Jan. 15
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A notes
|
| Amount: | $309 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Price: | 98.6
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.57%
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-1 notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Price: | 97.5
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-2 notes
|
| Amount: | $4 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.65%
|
| Price: | Par
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-1 notes
|
| Amount: | $23.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Price: | 92.3
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Price: | 93.3
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $21.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Price: | 90.2
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $8.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Price: | 85.8
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $46.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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