By Cristal Cody
Tupelo, Miss., July 27 – ICG Debt Advisors LLC priced $405.75 million of notes due July 29, 2028 in a refinancing of a vintage 2016 broadly syndicated collateralized loan obligation transaction, according to a market source and a notice of revised proposed supplemental indenture on Thursday.
ICG US CLO 2016-1, Ltd./ICG US CLO 2016-1 LLC sold $256 million of class A-1-R senior secured floating-rate notes at Libor plus 114 basis points; $51 million of class A-2-R senior secured floating-rate notes at Libor plus 170 bps; $18 million of class B-R senior secured deferrable floating-rate notes at Libor plus 210 bps; $26 million of class C-R senior secured deferrable floating-rate notes at Libor plus 305 bps; $17 million of class D-R senior secured deferrable floating-rate notes at Libor plus 575 bps and $37.75 million of subordinated notes.
Citigroup Global Markets Inc. arranged the deal.
ICG Debt Advisors LLC-Manager Series will continue to manage the CLO.
The CLO has a non-call period that ends in January 2019 and a reinvestment period that ends in July 2020.
In the original $405.75 million CLO issued Aug. 30, 2016, ICG priced $256 million of class A-1 senior secured floating-rate notes at Libor plus 160 bps; $51 million of class A-2 senior secured floating-rate notes at Libor plus 220 bps; $18 million of class B senior secured deferrable floating-rate notes at Libor plus 300 bps; $26 million of class C senior secured deferrable floating-rate notes at Libor plus 425 bps; $17 million of class D senior secured deferrable floating-rate notes at Libor plus 675 bps and $37.75 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is backed primarily by a portfolio of broadly syndicated first-lien senior secured corporate loans.
ICG Debt Advisors has priced two new CLO deals and refinanced two vintage CLOs year to date.
The CLO manager priced one new CLO and refinanced two vintage CLOs in 2017.
The subsidiary of London-based parent company Intermediate Capital Group plc is based in New York.
| Issuer: | ICG US CLO 2016-1 Ltd./ICG US CLO 2016-1 LLC
|
| Amount: | $405.75 million refinancing
|
| Maturity: | July 29, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | ICG Debt Advisors LLC-Manager Series
|
| Call feature: | January 2019
|
| Pricing date: | July 20
|
| Settlement date: | July 30
|
|
|
| Class A-1-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $51 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $37.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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