By Cristal Cody
Tupelo, Miss., March 27 – Arrowpoint Asset Management LLC priced a $408.1 million collateralized loan obligation offering of notes due April 18, 2027, according to a market source.
Arrowpoint CLO 2015-4 Ltd./Arrowpoint CLO 2015-4 LLC sold $252.25 million of class A floating-rate notes at Libor plus 155 basis points; $48.5 million of class B floating-rate notes at Libor plus 243 bps; $28.25 million of class C deferrable floating-rate notes at Libor plus 335 bps; $20.75 million of class D deferrable floating-rate notes at Libor plus 450 bps; $18 million of class E deferrable floating-rate notes at Libor plus 690 bps; $6 million of class F deferrable floating-rate notes at Libor plus 630 bps and $34.35 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
Arrowpoint Asset Management will manage the CLO.
The CLO has a non-call period that ends April 18, 2017. The reinvestment period ends April 18, 2019.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Arrowpoint Asset Management priced two CLO deals in 2014.
The Denver-based firm is the investment advisor arm of Meridian Funds.
| Issuer: | Arrowpoint CLO 2015-4 Ltd./Arrowpoint CLO 2015-4 LLC
|
| Amount: | $408.1 million
|
| Maturity: | April 18, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Arrowpoint Asset Management LLC
|
| Call feature: | April 18, 2017
|
| Pricing date: | March 25
|
| Settlement date: | April 23
|
|
|
| Class A notes
|
| Amount: | $252.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $48.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 243 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $28.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $20.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $34.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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