By Cristal Cody
Tupelo, Miss., March 25 – Jefferies Finance LLC priced $440 million of notes due 2023 in the JFIN Revolver CLO 2015 Ltd./JFIN Revolver CLO 2015 LLC transaction, according to a market source.
The CLO sold $217 million of class A-1 floating-rate notes at Libor plus 150 basis points; $10 million of 2.4% class A-F fixed-rate notes; $50 million of class B-1 floating-rate notes at Libor plus 210 bps; $10 million of 3.6% class B-F fixed-rate notes; $35 million of class C deferrable floating-rate notes at Libor plus 228 bps and $21 million of class D deferrable floating-rate notes at Libor plus 330 bps.
The deal included a $16 million unfunded tranche of class E deferrable variable funding notes that will be used to pay interest shortfalls on the class C and class D notes and $81 million of subordinated notes as equity.
Jefferies LLC was the placement agent.
Jefferies Finance will manage the CLO.
The CLO is non-callable until April 20, 2016.
The notes are secured primarily by revolvers and delayed-drawdown loans.
Jefferies Finance priced four CLO deals in 2014.
The New York City-based commercial finance firm is co-owned by Jefferies Group LLC and Massachusetts Mutual Life Insurance Co.
| Issuer: | JFIN Revolver CLO 2015 Ltd./JFIN Revolver CLO 2015 LLC
|
| Amount: | $440 million
|
| Maturity: | April 20, 2023
|
| Securities: | Fixed-rate, floating-rate, variable funding and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Jefferies Finance LLC
|
| Call feature: | April 20, 2016
|
| Pricing date: | March 24
|
|
|
| Class A-1 notes
|
| Amount: | $217 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-F notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.4%
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-F notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.6%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 228 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable variable funding notes
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Equity
|
| Amount: | $81 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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