By Cristal Cody
Tupelo, Miss., Nov. 12 -Valcour Capital Management LLC priced a $259.95 million collateralized loan obligation offering of notes due Dec. 31, 2023 and closed on the deal on Tuesday, according to a market source.
In the transaction, Crown Point CLO II, Ltd./Crown Point CLO II, LLC sold $157.8 million of class A-1L senior secured floating-rate notes (Aaa/AAA/) at Libor plus 97 basis points; $20.8 million of class A-2L senior secured floating-rate notes (/AA/) at Libor plus 193 bps; $19.8 million of class A-3L senior secured deferrable floating-rate notes (/A/) at Libor plus 286 bps; $18.2 million of class B-1L senior secured deferrable floating-rate notes (/BBB/) at Libor plus 355 bps; $10.9 million of class B-2L senior secured deferrable floating-rate notes (/BB-/) at Libor plus 460 bps; $6.8 million of class B-3L senior secured deferrable floating-rate notes (/B/) at Libor plus 565 bps and $25.65 million of subordinated notes.
RBS Securities Inc. was the underwriter.
Valcour Capital Management will manage the CLO, which is backed primarily by broadly syndicated first-lien senior secured corporate loans and cash.
The CLO has a non-call period that ends Jan. 16, 2016 and a reinvestment period scheduled to end Dec. 31, 2016.
Valcour Capital Management is a Stamford, Conn.-based investment firm.
| Issuer: | Crown Point CLO II, Ltd./Crown Point CLO II, LLC
|
| Amount: | $259.95 million
|
| Maturity: | Dec. 31, 2023
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: RBS Securities Inc.
|
| Manager: | Valcour Capital Management LLC
|
| Call feature: | Jan. 16, 2016
|
| Settlement date: | Nov. 12
|
|
|
| Class A-1L notes
|
| Amount: | $157.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 97 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2L notes
|
| Amount: | $20.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 193 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class A-3L notes
|
| Amount: | $19.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 286 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class B-1L notes
|
| Amount: | $18.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class B-2L notes
|
| Amount: | $10.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 460 bps
|
| Rating: | Standard & Poor's: BB-
|
|
|
| Class B-3L notes
|
| Amount: | $6.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $25.65 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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