By Cristal Cody
Tupelo, Miss., Sept. 9 – Silvermine Capital Management LLC priced $879.1 million of notes due Sept. 25, 2026 in the ECP CLO 2014-6 Ltd./ECP CLO 2014-6 LLC offering, according to an informed source.
The CLO priced $516.7 million of class A-1A floating-rate notes at Libor plus 145 basis points, $29 million of 3.49% class A-1B fixed-rate notes and $103.7 million of class A-2 floating-rate notes at Libor plus 205 bps.
The CLO also priced $47.6 million of class B floating-rate notes at Libor plus 280 bps; $44.2 million of class C floating-rate notes at Libor plus 350 bps; $36.7 million of class D-1 floating-rate notes at Libor plus 490 bps; $4 million of class D-2 floating-rate notes at Libor plus 655 bps; $10.5 million of class E floating-rate notes at Libor plus 540 bps and $86.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Silvermine Capital Management LLC is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is collateralized primarily by first-lien senior secured loans.
Proceeds from the offering will be used to purchase a portfolio of about $850 million of leveraged loans.
The deal is the firm’s third CLO transaction of the year. Silvermine Capital brought the $518.1 million Silvermore CLO Ltd./Silvermore CLO LLC vehicle on April 30 and the $413 million Silver Spring CLO Ltd./Silver Spring CLO LLC offering on Aug. 1.
The Stamford, Conn.-based employee-owned asset management firm priced the $412.97 million ECP CLO 2013-5 Ltd./ECP CLO 2013-5 LLC transaction in 2013.
| Issuer: | ECP CLO 2014-6 Ltd./ ECP CLO 2014-6 LLC
|
| Amount: | $879.1 million
|
| Maturity: | Sept. 25, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Silvermine Capital Management LLC
|
| Call feature: | 2016
|
| Pricing date: | Aug. 27
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $516.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $29 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.49%
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $103.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
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| Amount: | $47.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
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| Amount: | $44.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-1 notes
|
| Amount: | $36.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class D-2 notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 655 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | Moody’s: B2 expected
|
|
|
| Equity tranche
|
| Amount: | $86.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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