By Cristal Cody
Tupelo, Miss., April 13 – Western Asset Management Co. Ltd. refinanced $415.5 million of floating-rate notes due April 18, 2025 at par in two tranches from the Mountain Hawk III CLO Ltd. transaction, according to a market source.
The CLO sold $346.25 million of class A-R floating-rate notes at par to yield Libor plus 120 basis points and $69.25 million of class B-R floating-rate notes at par to yield Libor plus 180 bps.
Citigroup Global Markets Inc. was the refinancing agent.
Western Asset Management is the CLO manager.
In the original transaction priced on March 4, 2014, the CLO sold $346.25 million of class A senior secured floating-rate notes at Libor plus 150 bps; $69.25 million of class B senior secured floating-rate notes at Libor plus 210 bps; $45.75 million of class C secured deferrable floating-rate notes at Libor plus 280 bps; $30.75 million of class D secured deferrable floating-rate notes at Libor plus 350 bps; $24.5 million of class E secured deferrable floating-rate notes at Libor plus 485 bps and $62.77 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original class A and B notes on April 18.
Western Asset Management is a fixed income investment firm based in Pasadena, Calif.
| Issuer: | Mountain Hawk III CLO Ltd.
|
| Amount: | $415.5 million refinancing
|
| Maturity: | April 18, 2025
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Western Asset Management Co. Ltd.
|
| Pricing date: | April 4
|
| Settlement date: | April 18
|
|
|
| Class A-R notes
|
| Amount: | $346.25 million
|
| Coupon: | Libor plus 120 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $69.25 million
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
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