ACIS Capital withdraws redemption plans for $424.25 million ACIS CLO 2014-3

By Cristal Cody

Tupelo, Miss., Feb. 13 – Refinancing plans were withdrawn for ACIS CLO 2014-3 Ltd./ACIS CLO 2014-3 LLC, according to a regulatory filing on Monday.

The notes were expected to be redeemed on Tuesday after the optional redemption notice was issued Jan. 31.

“The issuer will advise, pursuant to a future issuer order, if and when the supplemental indenture will be executed and the secured notes will be redeemed,” according to the notice.

ACIS Capital Management, LP is the CLO manager.

The $424.25 million CLO was originally issued Feb. 25, 2014.

In January, notice was given that the management of the CLO would be transferred to Highland CLO Management, LLC after the refinancing, and the CLO would be renamed Highland CLO 2014-3R Ltd./Highland CLO 2014-3R LLC.

The transaction was expected to include $1.6 million of class X floating-rate notes (AAA expected); $254.7 million of class A-R floating-rate notes (AAA expected); $49.8 million of class B-R floating-rate notes (AA expected); $27.9 million of class C-R floating-rate notes (A expected); $17.9 million of class D-R floating-rate notes (BBB) and $18.1 million of class E-R floating-rate notes (BB expected) and $5 million of class F-R floating-rate notes (B expected).

The deal also was scheduled to include an additional tranche of $9.5 million of subordinated notes, as well as the existing $39.75 million of subordinated notes.

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