By Cristal Cody
Tupelo, Miss., Sept. 2 – Seix Investment Advisors LLC priced $518.5 million of notes due Sept. 15, 2026 in the Mountain View CLO 2014-1, Ltd./Mountain View CLO 2014-1, Corp. transaction, according to a market source.
The CLO priced $3 million of class X floating-rate notes at Libor plus 100 basis points; $316.75 million of class A floating-rate notes at Libor plus 151 bps; $47.25 million of class B floating-rate notes at Libor plus 240 bps; $48 million of class C deferrable floating-rate notes at Libor plus 325 bps; $25.5 million of class D deferrable floating-rate notes at Libor plus 375 bps; $22.5 million of class E deferrable floating-rate notes at Libor plus 533 bps; 8 million of class F deferrable floating-rate notes at Libor plus 580 bps and $47.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
Seix Investment Advisors will manage the CLO, which is backed primarily by a broadly syndicated loan portfolio.
The CLO has a two-year non-call period and a four-year reinvestment period.
Seix Investment Advisors last tapped the primary market in 2013 with the $421 million Mountain View CLO 2013-1, Ltd./Mountain View CLO 2013-1, Corp. deal.
The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.
| Issuer: | Mountain View CLO 2014-1, Ltd./Mountain View CLO 2014-1, Corp.
|
| Amount: | $518.5 million
|
| Maturity: | Sept. 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Seix Investment Advisors LLC
|
| Call feature: | Oct. 15, 2016
|
| Settlement date: | Sept. 15
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A notes
|
| Amount: | $316.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $47.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $48 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $25.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 533 bps
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Standard & Poor’s: B-
|
|
|
| Equity tranche
|
| Amount: | $47.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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