By Cristal Cody
Tupelo, Miss., Nov. 24 – Details emerged on Highbridge Principal Strategies LLC’s $451.5 million collateralized loan obligation offering that closed on Tuesday, according to a market source.
Highbridge Loan Management 7-2015 Ltd./Highbridge Loan Management 7-2015 LLC sold $272.8 million of class A senior secured floating-rate notes at Libor plus 148 basis points; $61.6 million of class B senior secured floating-rate notes at Libor plus 245 bps; $26.8 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 338 bps; $23.75 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 375 bps; $20.65 million of class E junior secured deferrable floating-rate notes at Libor plus 575 bps; $5.7 million of class F junior secured deferrable floating-rate notes at Libor plus 750 bps and $40.2 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Highbridge Principal Strategies will manage the CLO, which is collateralized primarily by broadly syndicated senior secured loans.
The notes are due Nov. 15, 2026.
The CLO has a non-call period that ends on Nov. 15, 2017 and a reinvestment period that ends on May 15, 2020.
Highbridge Principal Strategies has priced three CLOs in 2015.
The New York City-based affiliate of Highbridge Capital Management, LLC brought two CLO deals in 2014.
| Issuer: | Highbridge Loan Management 7-2015 Ltd./Highbridge Loan Management 7-2015 LLC
|
| Amount: | $451.5 million
|
| Maturity: | Nov. 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Highbridge Principal Strategies LLC
|
| Call feature: | Nov. 15, 2017
|
| Pricing date: | Oct. 30
|
| Settlement date: | Nov. 24
|
|
|
| Class A notes
|
| Amount: | $272.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $61.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $26.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 338 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $23.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $20.65 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $5.7 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $40.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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