ICG Debt Advisors preps $411.2 million ICG US CLO 2014-3 CLO offering

By Cristal Cody

Tupelo, Miss., Nov. 26 – ICG Debt Advisors LLC plans to price $411.2 million of notes due Dec. 15, 2026 in a collateralized loan obligation offering, according to a market source.

The ICG US CLO 2014-3, Ltd./ICG US CLO 2014-3 LLC offering includes $258.7 million of class A-1 floating-rate notes (Aaa//AAA); $42.5 million of class A-2 floating-rate notes (Aa2); $20.4 million of class B floating-rate notes (A2); $21.2 million of class C floating-rate notes (Baa3); $25.6 million of class D floating-rate notes (Ba3); $3.7 million of class E floating-rate notes (B3) and $39.1 million of subordinated notes.

Citigroup Global Markets Inc. is the placement agent.

ICG Debt Advisors will manage the CLO, which is backed primarily by senior secured corporate loans.

The CLO has a two-year non-call period and a four-year reinvestment period.

Proceeds from the deal will be used to repay parties that provided interim financing to purchase collateral prior to the closing date and to purchase assets to reach a target portfolio of about $400 million of leveraged loans.

ICG previously was in the primary market with the $417 million ICG US CLO 2014-2, Ltd./ICG US CLO 2014-2 LLC deal on July 18 and the $371.17 million ICG US CLO 2014-1, Ltd./ICG US CLO 2014-1, LLC transaction on Jan. 30.

The firm is an affiliate of ICG Inc., which is a subsidiary of ICG FMC Ltd. London-based Intermediate Capital Group plc is the parent company.

© 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.