By Cristal Cody
Tupelo, Miss., July 7 – Eaton Vance Management sold $512.34 million of notes due July 15, 2026 in a collateralized loan obligation deal, according to a market source on Monday.
Eaton Vance CLO 2014-1, Ltd./Eaton Vance CLO 2014-1 LLC priced $315.5 million of class A floating-rate notes at Libor plus 145 basis points; $63 million of class B floating-rate notes at Libor plus 205 bps; $29.75 million of class C floating-rate notes at Libor plus 300 bps; $27 million of class D floating-rate notes at Libor plus 365 bps and $28.5 million of class E floating-rate notes at Libor plus 503 bps.
The deal included $48.59 million of subordinated notes in the equity tranche.
Wells Fargo Securities LLC was the placement agent.
Eaton Vance Management will manage the CLO.
The CLO has a 2.2-year non-call period and a 4.2-year reinvestment period.
Collateral consists primarily of first lien senior secured loans.
Proceeds from the offering will be used to purchase a portfolio of leveraged loans.
Boston-based Eaton Vance Management, a subsidiary of Eaton Vance Corp., priced the $434.225 million Eaton Vance CLO 2013-1, Ltd. transaction in 2013.
| Issuer: | Eaton Vance CLO 2014-1, Ltd./Eaton Vance CLO 2014-1 LLC
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| Amount: | $512.34 million
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| Maturity: | July 15, 2026
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| Securities: | Floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: | Wells Fargo Securities LLC
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| Manager: | Eaton Vance Management
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| Call feature: | 2.2 years
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| Pricing date: | July 2
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| Distribution: | Rule 144A
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| Class A notes
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| Amount: | $315.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 145 bps
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| Ratings: | Moody’s: Aaa Expected
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| Fitch: AAA
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| Class B notes
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| Amount: | $63 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 205 bps
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| Ratings: | Moody’s: Aa2 Expected
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| Class C notes
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| Amount: | $29.75 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 300 bps
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| Ratings: | Moody’s: A2 Expected
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| Class D notes
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| Amount: | $27 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 365 bps
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| Ratings: | Moody’s: Baa3 Expected
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| Class E notes
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| Amount: | $28.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 503 bps
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| Ratings: | Moody’s: Ba3 Expected
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| Equity tranche
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| Amount: | $48.59 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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