By Cristal Cody
Eureka Springs, Ark., Nov. 28 – Arrowpoint Asset Management LLC refinanced $331.2 million of notes in a vintage 2013 collateralized loan obligation deal, according to a market source and a notice of second revised proposed second supplemental indenture.
Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC sold $225.72 million of class A-1R floating-rate notes at Libor plus 152 basis points; $44.28 million of class A-2R floating-rate notes at Libor plus 215 bps; $26.28 million of class B-R deferrable floating-rate notes at Libor plus 295 bps; $16.92 million of class C-R deferrable floating-rate notes at Libor plus 468 bps and $18 million of class D-R deferrable floating-rate notes at Libor plus 771 bps.
Goldman Sachs & Co. arranged the refinancing.
Arrowpoint Asset Management will continue to manage the CLO.
The maturity on the refinanced notes was extended by four years to Nov. 15, 2028.
The non-call period ends Nov. 15, 2018. The reinvestment period is set to end on Nov. 15, 2020.
Proceeds from the transaction were used to redeem the original class A1, A2, B, C and D notes.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Denver-based Arrowpoint Asset Management is the investment advisor arm of Meridian Funds.
| Issuer: | Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC
|
| Amount: | $331.2 million refinancing
|
| Maturity: | Nov. 15, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co
|
| Manager: | Arrowpoint Asset Management LLC
|
| Call feature: | Nov. 15, 2018
|
| Pricing date: | Nov. 15
|
| Refinancing date: | Nov. 25
|
|
|
| Class A-1R notes
|
| Amount: | $225.72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $44.28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $26.28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $16.92 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 468 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 771 bps
|
| Rating: | S&P: BB-
|
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