By Cristal Cody
Tupelo, Miss., April 19 – Credit Suisse Asset Management, LLC priced $875,929,600 of notes in a refinancing and reset of the vintage 2014 Atrium IX/Atrium IX LLC deal, according to a market source and a notice of revised proposed amended and restated indenture dated Tuesday.
The CLO priced $549,561,600 of class A-R floating-rate notes at Libor plus 124 basis points; $91,593,600 of class B-R floating-rate notes at Libor plus 175 bps, $70,011,200 of class C-R floating-rate notes at Libor plus 255 bps; $40,269,600 of class D-R floating-rate notes at Libor plus 360 bps; $35,795,200 of class E-R floating-rate notes at Libor plus 645 bps and $88,698,400 of subordinated notes.
Credit Suisse Securities (USA) LLC was the refinancing agent.
Credit Suisse Asset Management will continue to manage the CLO.
The refinanced notes have a non-call period that ends May 28, 2019 and a reinvestment period that ends May 28, 2022.
The maturity on the floaters was extended to May 28, 2030 from the original Feb. 29, 2024 maturity. The new subordinated notes have a February 2047 distribution date.
In the original February 2013 offering, Atrium IX sold $522 million of class A floating-rate notes at Libor plus 130 bps; $52 million of class B-1 floating-rate notes at Libor plus 210 bps; $35 million of class B-2 3.55% fixed-rate notes; $66.5 million of class C deferrable floating-rate notes at Libor plus 325 bps; $38.25 million of class D deferrable floating-rate notes at Libor plus 350 bps; $34 million of class E deferrable floating-rate notes at Libor plus 500 bps and $84.25 million of subordinated notes.
Proceeds will be used to redeem the original notes.
Credit Suisse Asset Management, a unit of Credit Suisse Group AG, priced three U.S. CLOs and refinanced one vintage CLO in 2016.
| Issuer: | Atrium IX/Atrium IX LLC
|
| Amount: | $875,929,600 refinancing/reset
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Credit Suisse Asset Management, LLC
|
| Call feature: | May 28, 2019
|
| Pricing date: | March 30
|
| Settlement date: | April 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $549,561,600
|
| Securities: | Floating-rate notes
|
| Maturity: | May 28, 2030
|
| Coupon: | Libor plus 124 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $91,593,600
|
| Securities: | Floating-rate notes
|
| Maturity: | May 28, 2030
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $70,011,200
|
| Securities: | Floating-rate notes
|
| Maturity: | May 28, 2030
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $40,269,600
|
| Securities: | Floating-rate notes
|
| Maturity: | May 28, 2030
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $35,795,200
|
| Securities: | Floating-rate notes
|
| Maturity: | May 28, 2030
|
| Coupon: | Libor plus 645 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $88,698,400
|
| Securities: | Subordinated notes
|
| Maturity: | February 2047
|
| Ratings: | Non-rated
|
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