By Cristal Cody
Tupelo, Miss., Jan. 3 – Seix Investment Advisors LLC priced $406.4 million of 13-year notes in a new collateralized loan obligation offering, according to additional details of the previously reported deal from market sources.
Mountain View CLO XV, Ltd./Mountain View CLO XV, LLC sold $244 million of class A-1 floating-rate notes at Libor plus 140 basis points and $12 million of class A-2 floating-rate notes at Libor plus 190 bps.
The CLO placed $34 million of class B-1 floating-rate notes at Libor plus 215 bps and $14 million of 3.91% class B-2 fixed-rate notes.
Lower down the structure, Seix priced $20 million of class C deferrable floating-rate notes at Libor plus 310 bps, $23.8 million of class D deferrable floating-rate notes at Libor plus 437 bps and $20.2 million of class E deferrable floating-rate notes at Libor plus 788 bps.
The deal included $28.8 million of class A subordinated notes and $9.6 million of class B subordinated notes.
Goldman Sachs & Co. LLC was the structuring and placement agent.
The CLO transaction has a two-year non-call period and a five-year reinvestment period.
The offering is collateralized mainly by broadly syndicated senior secured corporate loans.
Seix Investment Advisors now manages eight CLOs with about $34 billion in assets.
The investment management company and affiliated manager of Virtus Investment Partners is based in Park Ridge, N.J.
| Issuer: | Mountain View CLO XV, Ltd./Mountain View CLO XV, LLC
|
| Amount: | $406.4 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Seix Investment Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 17
|
| Settlement date: | Jan. 24
|
|
|
| Class A-1 notes
|
| Amount: | $244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $14 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.91%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 437 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 788 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $28.8 million
|
| Securities: | Class A subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $9.6 million
|
| Securities: | Class B subordinated notes
|
| Ratings: | Non-rated
|
|
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