By Cristal Cody
Tupelo, Miss., Jan. 28 - LCM Asset Management LLC priced the $624 million LCM XV LP/LCM XV LLC collateralized loan obligation transaction on Tuesday, according to an informed source.
The CLO sold $4 million of class X senior floating-rate notes due 2017 (Aaa/AAA/) at Libor plus 100 basis points and $378 million of class A senior floating-rate notes due 2024 (Aaa/AAA/) at Libor plus 150 bps at the top of the capital structure.
The CLO also priced $63 million of class B senior deferrable floating-rate notes due 2024 (/AA/) at Libor plus 215 bps; $55.5 million of class C deferrable floating-rate notes due 2024 (/A/) at Libor plus 315 bps; $30 million of class D deferrable floating-rate notes due 2024 (/BBB/) at Libor plus 335 bps; $30 million of class E deferrable floating-rate notes due 2024 (/BB-/) at Libor plus 445 bps and $63.5 million of subordinated notes due 2024.
Morgan Stanley & Co. LLC arranged the deal.
LCM Asset Management will manage the CLO.
The CLO is backed by a revolving pool of broadly syndicated senior secured corporate loans.
The non-call period on the CLO ends in February 2016 and the reinvestment period ends in February 2018.
The New York City-based asset management firm priced two CLO transactions in 2013. LCM Asset Management closed on the $519 million LCM XIII LP CLO in February and the $417.75 million LCM XIV LP offering in July.
| Issuer: | LCM XV LP/LCM XV LLC
|
| Amount: | $624 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | February 2016
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 28
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Maturity: | 2017
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A notes
|
| Amount: | $378 million
|
| Maturity: | 2024
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $63 million
|
| Maturity: | 2024
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $55.5 million
|
| Maturity: | 2024
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Maturity: | 2024
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Maturity: | 2024
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 445 bps
|
| Rating: | Standard & Poor's: BB-
|
|
|
| Equity tranche
|
| Amount: | $63.5 million
|
| Maturity: | 2024
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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