By Cristal Cody
Tupelo, Miss., April 10 – LCM Asset Management LLC sold $404.55 million of notes due April 20, 2031 at par in the new issue LCM 30 Ltd./LCM 30 LLC collateralized loan obligation deal, according to market sources.
The CLO priced $2 million of class X senior floating-rate notes at Libor plus 75 basis points, $242 million of class A-1 senior floating-rate notes at Libor plus 133 bps, $18 million of class A-2 senior floating-rate notes at Libor plus 165 bps and $37.6 million of class B senior floating-rate notes at Libor plus 185 bps.
LCM 30 also sold $30 million of class C deferrable mezzanine floating-rate notes at Libor plus 260 bps; $20.4 million of class D deferrable mezzanine floating-rate notes at Libor plus 375 bps; $15.2 million of class E deferrable mezzanine floating-rate notes at Libor plus 695 bps and $39.35 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
LCM Asset Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM 30 Ltd./LCM 30 LLC
|
| Amount: | $404.55 million
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 28
|
| Settlement date: | April 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $242 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $18 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $37.6 million
|
| Securities: | Deferable mezzanine floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferable mezzanine floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20.4 million
|
| Securities: | Deferable mezzanine floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.2 million
|
| Securities: | Deferable mezzanine floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Price: | Par
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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