By Cristal Cody
Tupelo, Miss., March 16 – Seix Investment Advisors LLC priced $410 million of notes due Oct. 16, 2029 in a refinancing of three tranches from a vintage 2017 collateralized loan obligation deal, according to a market source and a notice of proposed supplemental indenture on Monday.
Mountain View CLO 2017-1, Ltd./Mountain View CLO 2017-1, Corp. sold $320 million of class A-R senior floating-rate notes at Libor plus 109 basis points, $60 million of class B-R senior floating-rate notes at Libor plus 175 bps and $30 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 235 bps.
The CLO dropped plans to price $25 million of class D-R mezzanine deferrable floating-rate notes and $25 million of class E-R junior deferrable floating-rate notes.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
The refinanced notes are non-callable through the period ending March 16, 2021.
The original transaction was issued on Aug. 10, 2017.
In that offering, the class A notes had priced at Libor plus 130 bps, the class B notes had priced at Libor plus 185 bps and the class C notes were priced at Libor plus 265 bps.
Proceeds were used to redeem the outstanding notes.
The investment management company and affiliated manager of Virtus Investment Partners is based in Park Ridge, N.J.
| Issuer: | Mountain View CLO 2017-1, Ltd./Mountain View CLO 2017-1, Corp.
|
| Amount: | $410 million refinancing
|
| Maturity: | Oct. 16, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Seix Investment Advisors LLC
|
| Call feature: | Non-callable up to March 16, 2021
|
| Settlement date: | March 16
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
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| Amount: | $320 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B-R notes
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| Amount: | $60 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
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| Amount: | $30 million
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| Securities: | Mezzanine deferrable floating-rate notes
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| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2 expected
|
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