By Cristal Cody
Tupelo, Miss., Feb. 14 - Jefferies Finance LLC priced a $522.2 million collateralized loan obligation transaction, upsized from an initial deal estimate of $408.95 million, according to a market source on Friday.
JFIN CLO 2014 Ltd./JFIN CLO 2014 LLC sold $304.5 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 150 basis points; $48.25 million of class B-1 senior secured floating-rate notes (/AA/) at Libor plus 200 bps and $5 million of 4.16% class B-2 senior secured fixed-rate notes (/AA/) at the top of the capital structure.
The CLO also priced $51.5 million of class C mezzanine secured deferrable floating-rate notes (/A/) at Libor plus 300 bps; $29 million of class D mezzanine secured deferrable floating-rate notes (/BBB/) at Libor plus 365 bps; $23.75 million of class E mezzanine secured deferrable floating-rate notes (/BB/) at Libor plus 500 bps; $10 million of class F mezzanine secured deferrable floating-rate notes (/B/) at Libor plus 550 bps and $50.2 million of subordinated notes.
BNP Paribas Securities Corp. was the lead placement agent. Jefferies LLC was the co-arranger.
Jefferies Finance will manage the CLO, which is backed by a revolving pool of broadly syndicated senior secured corporate loans.
The notes are due in 2025.
The CLO has a two-year non-callable period and a four-year reinvestment period.
Jefferies Finance brought one CLO deal in 2013, the $461.53 million JFIN CLO 2013 Ltd./JFIN CLO 2013 LLC transaction in March.
New York City-based Jefferies Finance is a commercial finance company co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.
| Issuer: | JFIN CLO 2014 Ltd./JFIN CLO 2014 LLC
|
| Amount: | $522.2 million
|
| Maturity: | 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Placement agent: | BNP Paribas Securities Corp.
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| Co-placement agent: | Jefferies LLC
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| Manager: | Jefferies Finance LLC
|
| Call feature: | 2016
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| Settlement date: | March 11
|
|
|
| Class A notes
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| Amount: | $304.5 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 150 bps
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| Rating: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
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| Amount: | $48.25 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 200 bps
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| Rating: | Standard & Poor's: AA
|
|
|
| Class B-2 notes
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| Amount: | $5 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.16%
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| Rating: | Standard & Poor's: AA
|
|
|
| Class C notes
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| Amount: | $51.5 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 300 bps
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| Rating: | Standard & Poor's: A
|
|
|
| Class D notes
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| Amount: | $29 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 365 bps
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| Rating: | Standard & Poor's: BBB
|
|
|
| Class E notes
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| Amount: | $23.75 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 500 bps
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| Rating: | Standard & Poor's: BB
|
|
|
| Class F notes
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| Amount: | $10 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 550 bps
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| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
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| Amount: | $50.2 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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