By Cristal Cody
Tupelo, Miss., April 8 - Alcentra NY LLC priced $627 million of notes due May 18, 2026 in a collateralized loan obligation deal, according to an informed source on Tuesday.
Shackleton 2014-V CLO Ltd./Shackleton 2014-V CLO LLC priced $4 million of class X senior secured floating-rate notes (Aaa//) at Libor plus 100 basis points and $366 million of class A senior secured floating-rate notes (Aaa//) at Libor plus 150 bps at the top of the capital structure.
The CLO also sold $68 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps, $10 million of 4.225% class B-2 senior secured fixed-rate notes, $41 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 295 bps, $10 million of 5.4% class C-2 mezzanine secured deferrable fixed-rate notes, $33 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 365 bps, $27 million of class E junior secured deferrable floating-rate notes at Libor plus 460 bps, $13.5 million of class F junior secured deferrable floating-rate notes at Libor plus 520 bps and $54.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Alcentra NY will manage the CLO.
The CLO, backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments, has a two-year non-call period and a four-year reinvestment period.
Alcentra was in the market in 2013 with the $525.5 million Shackleton 2013-III CLO Ltd./Shackleton 2013-III CLO LLC offering and the $438.6 million Shackleton 2013-IV CLO Ltd./Shackleton 2013-IV CLO LLC deal.
The sub-investment-grade debt manager is a subsidiary of BNY Alcentra Group Holdings Inc., which is majority owned by Bank of New York Mellon Corp.
| Issuer: | Shackleton 2014-V CLO Ltd/Shackleton 2014-V CLO LLC
|
| Amount: | $627 million
|
| Maturity: | May 18, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Morgan Stanley & Co. LLC
|
| Manager: | Alcentra NY LLC
|
| Call feature: | 2016
|
| Pricing date: | April 8
|
| Settlement date: | May 15
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
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| Amount: | $366 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $68 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2 notes
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| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.225%
|
| Rating: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $41 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Non-rated
|
|
|
| Class C-2 notes
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| Amount: | $10 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon | 5.4%
|
| Rating: | Non-rated
|
|
|
| Class D notes
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| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
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| Amount: | $27 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 460 bps
|
| Rating: | Non-rated
|
|
|
| Class F notes
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| Amount: | $13.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | Libor plus 520 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $54.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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