By Cristal Cody
Tupelo, Miss., Aug. 29 - American Capital CLO Management, LLC sold $414.2 million of notes due Oct. 25, 2025 in the ACAS CLO 2013-2, Ltd. transaction, according to details released on Thursday.
ACAS CLO 2013-2 priced $99 million of class A-1a senior secured floating-rate notes (Aaa/AAA/) at Libor plus 135 basis points; $140 million of class A-1b senior secured floating-rate notes (Aaa/AAA) at Libor plus 110 bps; and $10 million of 3.559% class A-1c senior secured fixed-rate notes (Aaa/AAA/) at the top of the capital structure.
The spread on the tranche of class A-1b notes is Libor plus 110 bps up to but excluding the payment date in April 2015; then it will be Libor plus 160 bps from the payment date in April 2015 until the payment date in April 2016; and thereafter at Libor plus 190 bps.
In the deal, the CLO also sold $43.75 million of class A-2a senior secured floating-rate notes (/AA/) at Libor plus 175 bps; $10 million of 4.55% class A-2b senior secured fixed-rate notes (/AA/); $28 million of class B senior secured deferrable floating-rate notes (/A/) at Libor plus 265 bps; $20 million of class C senior secured deferrable floating-rate notes (/BBB/) at Libor plus 325 bps; $18 million of class D senior secured deferrable floating-rate notes (/BB/) at Libor plus 450 bps; $7 million of class E senior secured deferrable floating-rate notes (/B/) at Libor plus 575 bps; and $38.45 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
American Capital CLO Management will manage the CLO, which is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
The CLO has a reinvestment period that ends Oct. 25, 2017.
American Capital, a subsidiary of portfolio company American Capital, Ltd., priced the $414 million ACAS CLO 2013-1, Ltd./ACAS CLO 2013-1, LLC transaction in March.
| Issuer: | ACAS CLO 2013-2, Ltd.
|
| Amount: | $414.2 million
|
| Maturity: | Oct. 25, 2025
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | American Capital CLO Management, LLC
|
| Pricing date: | Aug. 28
|
| Settlement date: | Sept. 25
|
|
|
| Class A-1a
|
| Amount: | $99 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1b
|
| Amount: | $140 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps until April 2015, then Libor plus 160 bps until April 2016, then Libor plus 190 bps until maturity
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-1c
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.559%
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2a
|
| Amount: | $43.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class A-2b
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.55%
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Class E
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $38.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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