By Cristal Cody
Tupelo, Miss., Nov. 6 – Anchorage Capital Group, LLC sold $522.5 million of notes due Nov. 15, 2026 in a collateralized loan obligation offering, according to a market source.
Anchorage Capital CLO 5, Ltd./Anchorage Capital CLO 5, LLC priced $2 million of class X senior secured floating-rate notes at Libor plus 100 basis points; $305 million of class A senior secured floating-rate notes at Libor plus 160 bps; $57.5 million of class B senior secured floating-rate notes at Libor plus 210 bps; $30 million of class C senior secured deferrable floating-rate notes at Libor plus 305 bps; $35 million of class D senior secured deferrable floating-rate notes at Libor plus 335 bps; $30 million of class E secured deferrable floating-rate notes at Libor plus 500 bps; $12.5 million of class F secured deferrable floating-rate notes at Libor plus 590 bps and $50.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Anchorage Capital will manage the CLO, which is backed primarily by broadly syndicated senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $500 million of primarily senior secured leveraged loans.
Anchorage Capital was previously in the primary market with the $517.75 million Anchorage Capital CLO 3, Ltd./Anchorage Capital CLO 3, LLC deal in February and the $621.5 million Anchorage Capital CLO 4, Ltd./Anchorage Capital CLO 4, LLC offering in May.
The New York City-based global asset manager priced one CLO transaction in 2013.
| Issuer: | Anchorage Capital CLO 5, Ltd./Anchorage Capital CLO 5, LLC
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| Amount: | $522.5 million
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| Maturity: | Nov. 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: | Morgan Stanley & Co. LLC
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| Manager: | Anchorage Capital Group, LLC
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| Call feature: | 2016
|
| Pricing date: | Oct. 29
|
| Settlement date: | Nov. 18
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
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| Amount: | $2 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 100 bps
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| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
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| Amount: | $305 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 160 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $57.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 210 bps
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| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $30 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 305 bps
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| Rating: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | $35 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 335 bps
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| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $30 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 500 bps
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| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $12.5 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 590 bps
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| Rating: | Moody’s: B3
|
|
|
| Equity tranche
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| Amount: | $50.5 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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