By Cristal Cody
Tupelo, Miss., Aug. 18 – Sankaty Advisors LLC refinanced $350.75 million of notes due May 24, 2023 in a refinancing of the vintage 2012 Race Point VI CLO, Ltd. transaction, according to an informed source.
The CLO sold $243 million of class A floating-rate notes at Libor plus 114 basis points, tighter than where the tranche originally priced at Libor plus 130 bps.
The CLO also sold $60 million of class B floating-rate notes at Libor plus 215 bps. The class B notes originally priced at Libor plus 250 bps.
The CLO refinanced $28.5 million of class C floating-rate notes at Libor plus 311 bps, in from where the issue priced at Libor plus 360 bps.
In the final tranche, the CLO sold $19.25 million of class D floating-rate notes at Libor plus 411 bps. The class D notes originally priced at Libor plus 450 bps.
The CLO did not refinance $2 million of class X floating-rate notes, $17.25 million of class E floating-rate notes and $44 million of subordinated notes originally priced in the 2012 transaction.
Citigroup Global Markets Inc. was the refinancing agent.
Sankaty Advisors will manage the CLO, which is backed primarily by broadly syndicated senior secured loans.
The reinvestment period on the CLO ends in May 2016.
Sankaty Advisors has brought two new CLO deals and refinanced two vintage CLO transactions in 2014. The firm refinanced the $362 million Race Point V CLO, Ltd. deal in February.
The Boston-based credit investment unit of Bain Capital LLC priced two CLO transactions in 2013.
| Issuer: | Race Point VI CLO, Ltd.
|
| Amount: | $350.75 million refinancing
|
| Maturity: | May 24, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Sankaty Advisors LLC
|
| Pricing date: | Aug. 11
|
|
|
| Class A notes
|
| Amount: | $243 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Ratings: | Standard & Poor’s: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Standard & Poor’s: AA expected
|
|
|
| Class C notes
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| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 311 bps
|
| Rating: | Standard & Poor’s: A expected
|
|
|
| Class D notes
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| Amount: | $19.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 411 bps
|
| Rating: | Standard & Poor’s: BBB expected
|
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