By Cristal Cody
Tupelo, Miss., April 27 – LCM Asset Management LLC refinanced $618.42 million of notes in a reset and refinancing of the LCM XVIII LP/LCM XVIII LLC collateralized loan obligation deal, according to a market source on Friday.
The CLO priced $3.1 million of class X floating-rate notes at Libor plus 60 basis points, $351.35 million of class A-1R floating-rate notes at Libor plus 102 basis points and $32.5 million of class A-2R floating-rate notes at Libor plus 122 bps.
LCM XVIII also sold $64.95 million of class B-R floating-rate notes at Libor plus 160 bps; $38.35 million of class C-R floating-rate notes at Libor plus 185 bps; $32.5 million of class D-R floating-rate notes at Libor plus 280 bps; $23.6 million of class E-R floating-rate notes at Libor plus 595 bps and $72.07 million of limited partnership certificates.
Natixis Securities Americas LLC is the refinancing agent.
LCM Asset Management will manage the CLO.
The April 20, 2031 maturity on the reset notes was extended from the original April 20, 2027 maturity.
The refinanced CLO has a two-year non-call period and a five-year reinvestment period.
In the $609.63 million transaction originally issued March 31, 2015, the CLO had sold $349.75 million of class A-1 floating-rate notes at Libor plus 151 bps; $20 million of 3.35% class A-2 fixed-rate notes; $88.5 million of class B floating-rate notes at Libor plus 230 bps; $36.75 million of class C floating-rate notes at Libor plus 315 bps; $30 million of class D floating-rate notes at Libor plus 380 bps; $27 million of class E floating-rate notes at Libor plus 535 bps and $57.63 million of LP certificates.
Proceeds will be used to redeem the original securities.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The asset management firm is based in New York City.
| Issuer: | LCM XVIII LP/LCM XVIII LLC
|
| Amount: | $618.42 million refinancing
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate notes and LP certificates
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | Two years
|
| Settlement date: | May 1
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $3.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R notes
|
| Amount: | $351.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 101 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $64.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $38.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $23.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $72.07 million
|
| Securities: | LP certificates
|
| Ratings: | Non-rated
|
© 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.
