By Cristal Cody
Eureka Springs, Ark., Nov. 30 – Seix Investment Advisors LLC priced $309 million of notes in the firm’s first collateralized loan obligation offering of 2016, according to a market source.
Mountain View CLO 2016-1, Ltd./Mountain View CLO 2016-1, Corp. sold $1.5 million of class X floating-rate notes at Libor plus 125 basis points; $193.5 million of class A floating-rate notes at Libor plus 160 bps; $34.5 million of class B floating-rate notes at Libor plus 220 bps; $18 million of class B floating-rate notes at Libor plus 220 bps; $18 million of class C floating-rate notes at Libor plus 285 bps; $15 million of class D floating-rate notes at Libor plus 400 bps; $15 million of class E floating-rate notes at Libor plus 700 bps and $31.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Seix Investment Advisors will manage the CLO.
The CLO manager priced one broadly syndicated CLO in 2015.
The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.
| Issuer: | Mountain View CLO 2016-1, Ltd./Mountain View CLO 2016-1, Corp.
|
| Amount: | $309 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Seix Investment Advisors LLC
|
| Pricing date: | Nov. 7
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A notes
|
| Amount: | $193.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $31.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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