By Cristal Cody
Tupelo, Miss., Sept. 28 – Shenkman Capital Management, Inc. priced $353 million of notes in a refinancing of a vintage 2015 collateralized loan obligation deal, according to a market source and a notice of executed supplemental indentures on Friday.
Jefferson Mill CLO Ltd./Jefferson Mill CLO LLC sold $2 million of class X-R senior floating-rate notes at Libor plus 60 basis points, $231 million of class A-R senior floating-rate notes at Libor plus 117.5 bps and $48 million of class B-R senior floating-rate notes at Libor plus 195 bps.
The CLO also priced $24 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 250 bps, $20 million of D-R deferrable mezzanine floating-rate notes at Libor plus 350 bps, $20 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 560 bps and $8 million of class F-R deferrable mezzanine floating-rate notes at Libor plus 650 bps.
J.P. Morgan Securities LLC arranged the offering.
Shenkman Capital Management will continue to manage the CLO.
The maturity on the notes was extended to Oct. 20, 2031 from July 20, 2027.
The CLO originally was issued July 28, 2015. In that $412.5 million offering, the CLO priced $2 million of class X floating-rate notes at Libor plus 100 bps; $231 million of class A-1 floating-rate notes at Libor plus 150 bps; $25 million of 3.62% class A-2 fixed-rate notes; $41.5 million of class B-1 floating-rate notes at Libor plus 215 bps; $6.5 million of 4.47% class B-2 fixed-rate notes; $24 million of class C floating-rate notes at Libor plus 300 bps; $20 million of D floating-rate notes at Libor plus 350 bps; $240 million of class E floating-rate notes at Libor plus 560 bps; $8 million of class F floating-rate notes at Libor plus 650 bps and $34.5 million of subordinated notes.
Proceeds from the transaction were used to redeem the original notes.
The deal is backed primarily by first-lien senior secured corporate loans.
Shenkman Capital Management is a New York-based investment firm.
| Issuer: | Jefferson Mill CLO Ltd./Jefferson Mill CLO LLC
|
| Amount: | $353 million refinancing
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Shenkman Capital Management, Inc.
|
| Settlement date: | Sept. 27
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $2 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $231 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 117.5 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-R notes
|
| Amount: | $8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Moody’s: B3
|
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