By Cristal Cody
Eureka Springs, Ark., Oct. 19 – Crescent Capital Group LP refinanced $405.5 million of notes due July 16, 2026 at par in three tranches from a vintage 2014 collateralized loan obligation transaction, according to a market source.
Atlas Senior Loan Fund V, Ltd. priced $310.5 million of class A-R senior secured floating-rate notes at Libor plus 143 basis points.
The CLO sold $52.5 million of class B-R senior secured floating-rate notes at Libor plus 200 bps.
Atlas V priced $42.5 million of class C-R senior secured deferrable floating-rate tranche at Libor plus 265 bps.
Barclays was the refinancing agent.
Crescent Capital will continue to manage the CLO.
The transaction is collateralized mainly by first-lien senior secured corporate loans.
Proceeds from the refinancing were used to redeem the original class A, B and C notes, which originally priced at Libor plus 155 bps, Libor plus 220 bps and Libor plus 300 bps, respectively.
The original $27.3 million of class D notes and $26.7 million of class E notes will remain outstanding.
Crescent Capital has refinanced two vintage CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Atlas Senior Loan Fund V, Ltd.
|
| Amount: | $405.5 million refinancing
|
| Maturity: | July 16, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Crescent Capital Group LP
|
| Pricing date: | Oct. 7
|
| Settlement date: | Oct. 17
|
|
|
| Class A-R notes
|
| Amount: | $310.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $52.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $42.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
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