Silvermine Capital Management markets $413 million Silver Spring CLO

By Cristal Cody

Tupelo, Miss., July 28 – Silvermine Capital Management LLC intends to price $413 million of notes due Oct. 15, 2026 in a collateralized loan obligation deal, according to a market source.

The Silver Spring CLO Ltd./Silver Spring CLO LLC transaction includes $258 million of class A floating-rate notes (//AAA); $36.9 million of class B-1 floating-rate notes; $10 million of class B-2 fixed-rate notes; $6.1 million of class C-1 floating-rate notes; $15 million of class C-2 fixed-rate notes; $22.7 million of class D floating-rate notes; $20.7 million of class E floating-rate notes; $4.1 million of class F floating-rate notes and $39.5 million of subordinated notes.

Barclays is the placement agent.

Silvermine Capital Management will manage the CLO, which is backed primarily by first-lien senior secured corporate loans.

The CLO will have a two-year non-call period and a four-year reinvestment period.

The proceeds from the deal will be used to repay interim financing that allowed the issuers to purchase collateral prior to the closing date and to purchase assets to reach a target portfolio of $400 million of leveraged loans.

The deal is expected to close on Sept. 10.

Silvermine Capital Management was most recently in the CLO primary market on April 30 with the $518.1 million Silvermore CLO Ltd./Silvermore CLO LLC transaction.

The Stamford, Conn.-based employee-owned asset management firm priced the $412.97 million ECP CLO 2013-5 Ltd./ECP CLO 2013-5 LLC deal in 2013.

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