By Cristal Cody
Tupelo, Miss., June 9 – Alcentra NY LLC brought a $415.25 million collateralized loan obligation offering, according to a market source on Monday.
Shackleton 2014-VI CLO Ltd./Shackleton 2014-VI CLO LLC priced $250.5 million of class A floating-rate notes (/AAA/) at Libor plus 150 basis points, $20 million of class B-1 floating-rate notes (/AA/) at Libor plus 215 bps and $30 million of 4.4% class B-2 fixed-rate notes (/AA/).
The CLO also sold $31.25 million of class C deferrable floating-rate notes (/A/) at Libor plus 310 bps, $20.75 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 360 bps, $16.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 500 bps and $10 million of class F deferrable floating-rate notes (/B/) at Libor plus 575 bps.
The deal included $36.25 million of subordinated notes in the equity tranche.
BofA Merrill Lynch was the placement agent.
Alcentra NY will manage the CLO, which is backed primarily by broadly syndicated senior secured loans.
The CLO is non-callable until July 17, 2016. The reinvestment period ends July 17, 2018.
The notes are due July 17, 2026.
Alcentra was last in the market on April 8 with the $627 million Shackleton 2014-V CLO Ltd./Shackleton 2014-V CLO LLC deal.
The New York City-based firm, a subsidiary of the Bank of New York Mellon Corp., priced two CLO transactions in 2013.
| Issuer: | Shackleton 2014-VI CLO Ltd./Shackleton 2014-VI CLO LLC
|
| Amount: | $415.25 million
|
| Maturity: | July 17, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Alcentra NY LLC
|
| Call feature: | July 17, 2016
|
| Pricing date: | June 9
|
| Settlement date: | July 8
|
|
|
| Class A notes
|
| Amount: | $250.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | $30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.4%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $31.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $20.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $36.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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