By Cristal Cody
Tupelo, Miss., April 11 - Shenkman Capital Management, Inc. priced $520,625,000 of notes due April 20, 2026 in the Washington Mill CLO Ltd./Washington Mill CLO LLC offering, according to an informed source on Friday.
The CLO sold $3.5 million of class X senior floating-rate notes (//AAA) at Libor plus 100 basis points; $295 million of class A-1 senior floating-rate notes (//AAA) at Libor plus 150 bps; $18.75 million of 3.28% class A-2 senior fixed-rate notes (//AAA); $48,125,000 of class B-1 floating-rate notes at Libor plus 205 bps; $18.75 million of 4.25% class B-2 fixed-rate notes; $25,625,000 of class C floating-rate notes at Libor plus 300 bps; $33,125,000 of class D floating-rate notes at Libor plus 345 bps; $23.75 million of class E floating-rate notes at Libor plus 485 bps and $11.25 million of class F floating-rate notes at Libor plus 550 bps.
The deal included $42.75 million of subordinated notes in the equity tranche.
BofA Merrill Lynch was the placement agent.
Shenkman Capital Management will manage the CLO.
The CLO, backed primarily by broadly syndicated senior secured loans, will have a two-year non-call period and a four-year reinvestment period.
Shenkman plans to use the proceeds to purchase a portfolio of about $500 million of primarily senior secured leveraged loans.
The New York-based investment firm was in the CLO primary market in 2013 with the $471.38 million Brookside Mill CLO Ltd./Brookside Mill CLO LLC deal and the $419.1 million Sudbury Mill CLO Ltd./Sudbury Mill CLO LLC offering.
| Issuer: | Washington Mill CLO Ltd./Washington Mill CLO LLC
|
| Amount: | $520,625,000
|
| Maturity: | April 20, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Shenkman Capital Management, Inc.
|
| Call feature: | 2016
|
| Pricing date: | April 10
|
| Settlement date: | May 15
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $295 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $18.75 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 3.28%
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $48,125,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $18.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.25%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $25,625,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $33,125,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $23.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $11.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $42.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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