By Cristal Cody
Tupelo, Miss., July 11 – Allianz Global Investors U.S. LLC priced $462.63 million of notes due 2026 in a broadly syndicated collateralized loan obligation transaction, according to a market source.
West CLO 2014-1 Ltd./West CLO 2014-1 LLC sold $292.5 million of class A-1 floating-rate notes at Libor plus 148 basis points and $49.5 million of class A-2 floating-rate notes at Libor plus 210 bps.
The CLO priced $20.25 million of class B floating-rate notes at Libor plus 285 bps; $29.25 million of class C floating-rate notes at Libor plus 345 bps; $20.5 million of class D floating-rate notes at Libor plus 490 bps and $50.63 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
Allianz Global Investors will manage the CLO.
The firm, part of Munich-based Allianz SE, priced the $465 million West CLO 2013-1 Ltd./West CLO 2013-1 LLC transaction in 2013.
| Issuer: | West CLO 2014-1 Ltd./West CLO 2014-1 LLC
|
| Amount: | $462.63 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Allianz Global Investors U.S. LLC
|
| Pricing date: | June 20
|
|
|
| Class A-1 notes
|
| Amount: | $292.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody’s: Aaa Expected
|
| Fitch: AAA Expected
|
|
|
| Class A-2 notes
|
| Amount: | $49.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $29.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
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| Amount: | $20.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity tranche
|
| Amount: | $50.63 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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