By Cristal Cody
Tupelo, Miss., July 18 – Shenkman Capital Management, Inc. refinanced $431,375,000 of notes due July 15, 2026 in the vintage 2014 Adams Mill CLO Ltd./Adams Mill CLO LLC offering, according to a market source and a notice of executed supplemental indenture on Tuesday.
The CLO sold $230,625,000 of class A-1-R senior floating-rate notes at Libor plus 110 basis points, $105 million of class A-2-R senior floating-rate notes at Libor plus 110 bps, $46,625,000 of class B-1-R senior floating-rate notes at Libor plus 160 bps, $25 million of 3.35% class B-2-R senior fixed-rate notes, $17,125,000 of class C-1-R deferrable mezzanine floating-rate notes at Libor plus 235 bps and $7 million of 4.114% class C-2-R deferrable mezzanine fixed-rate notes.
Nomura Securities International, Inc. arranged the refinancing.
Shenkman Capital Management will continue to manage the CLO.
In the original $552.5 million transaction priced on July 2, 2014, the CLO sold $230,625,000 of class A-1 floating-rate notes at Libor plus 148 bps; $105 million of class A-2 floating-rate notes at Libor plus 143 bps; $46,625,000 of class B-1 floating-rate notes at Libor plus 200 bps; $25 million of 4.11% class B-2 fixed-rate notes; $17,125,000 of class C-1 floating-rate notes at Libor plus 300 bps; $7 million of 5.302% class C-2 fixed-rate notes; $30,375,000 of class D-1 floating-rate notes at Libor plus 350 bps; $2 million of class D-2 floating-rate notes at Libor plus 425 bps; $22.75 million of class E-1 floating-rate notes at Libor plus 500 bps; $6 million of class E-2 floating-rate notes at Libor plus 625 bps; $11.75 million of class F floating-rate notes at Libor plus 569 bps and $48.25 million of subordinated notes.
Proceeds were used to redeem the original notes.
Shenkman has refinanced three vintage CLOs in 2017.
The investment firm is based in New York.
| Issuer: | Adams Mill CLO Ltd./Adams Mill CLO LLC
|
| Amount: | $431.38 million refinancing
|
| Maturity: | July 15, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | Shenkman Capital Management, Inc.
|
| Refinancing date: | July 17
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $230,625,000
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $105 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $46,625,000
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class B-2-R notes
|
| Amount: | $25 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 3.35%
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-1-R notes
|
| Amount: | $17,125,000
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2-R notes
|
| Amount: | $7 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 4.114%
|
| Rating: | Moody’s: A2
|
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