By Cristal Cody
Tupelo, Miss., July 23 – Western Asset Management Co. Ltd. refinanced $259,184,790 of floating-rate notes due July 20, 2024 from the vintage 2013 Mountain Hawk II CLO Ltd. broadly syndicated transaction, according to a market source and a notice of executed supplemental indenture on Friday.
The CLO sold $149,184,790 of class A-1-R senior secured floating-rate notes at Libor plus 82 basis points, $76 million of class B-R senior secured floating-rate notes at Libor plus 160 bps and $34 million of class C-R secured deferrable floating-rate notes at Libor plus 235 bps.
Citigroup Global Markets Inc. was the refinancing agent.
Western Asset Management will continue to manage the CLO.
In the original transaction issued July 9, 2013, the CLO sold $270.5 million of class A-1 floating-rate notes at Libor plus 116 bps; $53 million of class A-2 floating-rate notes at Libor plus 116 bps; $52 million of class B-1 floating-rate notes at Libor plus 170 bps; $20 million of class B-2 3.27% fixed-rate notes; $14 million of class C-1 deferrable floating-rate notes at Libor plus 260 bps; $15 million of 4.27% class C-2 deferrable fixed-rate notes; $25.5 million of class D deferrable floating-rate notes at Libor plus 315 bps; $21 million of class E deferrable floating-rate notes at Libor plus 490 bps; and $47.05 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original notes.
Western Asset Management is a fixed income investment firm based in Pasadena, Calif.
| Issuer: | Mountain Hawk II CLO Ltd.
|
| Amount: | $259,184,790 refinancing
|
| Maturity: | July 20, 2024
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Western Asset Management Co. Ltd.
|
| Settlement date: | July 20
|
|
|
| Class A-1-R notes
|
| Amount: | $149,184,790
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 82 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $76 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $34 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
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