By Cristal Cody
Eureka Springs, Ark., Nov. 14 – Saratoga Investment Advisors LLC priced $282.4 million of notes in a refinancing of a vintage 2013 refinanced collateralized loan obligation deal, according to a market source.
Saratoga Investment Corp. CLO 2013-1 Ltd. priced $170 million of class A-1-R floating-rate notes at Libor plus 155 basis points; $20 million of class A-2-R floating-rate notes at Libor plus 175 bps; $44.8 million of class B-R floating-rate notes at Libor plus 270 bps; $16 million of class C-R floating-rate notes at Libor plus 336 bps; $14 million of class D-R floating-rate notes at Libor plus 470 bps; $13.1 million of class E-R floating-rate notes at Libor plus 665 bps and $4.5 million of class F-R floating-rate notes at Libor plus 850 bps.
Mizuho Securities USA Inc. was the refinancing agent.
Saratoga Investment Advisors manages the CLO.
The maturity on the refinanced notes was extended by two years to Oct. 20, 2025. In addition, the reinvestment and non-call periods were extended by about two years. The transaction also was amended to comply with the Volcker Rule.
The CLO originally closed in 2013 when the vehicle GSC Investment Corp. CLO 2007 Ltd., which was brought to market in 2008, was refinanced and renamed Saratoga Investment Corp. CLO 2013-1 Ltd.
Proceeds from the refinancing will be used to redeem the original notes.
Saratoga Investment Advisors is an investment firm based in New York.
| Issuer: | Saratoga Investment Corp. CLO 2013-1 Ltd.
|
| Amount: | $282.4 million refinancing
|
| Maturity: | Oct. 20, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Mizuho Securities USA Inc.
|
| Manager: | Saratoga Investment Advisors LLC
|
| Call feature: | Oct. 20, 2018
|
| Settlement date: | Nov. 15
|
|
|
| Class A-1-R notes
|
| Amount: | $170 million
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $20 million
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $44.8 million
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $16 million
|
| Coupon: | Libor plus 336 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $14 million
|
| Coupon: | Libor plus 470 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
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| Amount: | $13.1 million
|
| Coupon: | Libor plus 665 bps
|
| Rating: | S&P: BB
|
|
|
| Class F-R notes
|
| Amount: | $4.5 million
|
| Coupon: | Libor plus 850 bps
|
| Rating: | Non-rated
|
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