By Cristal Cody
Tupelo, Miss., Dec. 1 – West Gate Horizons Advisors, LLC sold $411.9 million of notes due 2026 in a collateralized loan obligation offering, according to a market source.
Ocean Trails CLO V/Ocean Trails CLO V LLC priced $2.8 million of class X floating-rate notes at Libor plus 100 basis points; $185 million of class A-1 floating-rate notes at Libor plus 150 bps; $50 million of class A-2 floating-rate notes at Libor plus 166 bps; $10 million of 3.47% class A-3 fixed-rate notes; $57.8 million of class B floating-rate notes at Libor plus 230 bps; $18 million of class C-1 floating-rate notes at Libor plus 295 bps; $7 million of 5.77% class C-2 fixed-rate notes; $21.3 million of class D floating-rate notes at Libor plus 396 bps; $17.3 million of class E floating-rate notes at Libor plus 535 bps and $42.7 million of subordinated notes.
Nomura Securities International, Inc. was the placement agent.
West Gate Horizons will mange the CLO, which is securitized by a portfolio of first-lien senior secured loans and eligible investments.
The CLO has a two-year non-callable period and a four-year reinvestment period.
West Gate Horizons was last in the primary market in 2013 with the $402.65 million Ocean Trails CLO IV/Ocean Trails CLO IV LLC deal.
The investment adviser firm based in Los Angeles.
| Issuer: | Ocean Trails CLO V/Ocean Trails CLO V LLC
|
| Amount: | $411.9 million
|
| Maturity: | 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | West Gate Horizons Advisors, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 13
|
| Settlement date: | Dec. 11
|
|
|
| Class X notes
|
| Amount: | $2.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $185 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 166 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-3 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.47%
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $57.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-1 notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-2 notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.77%
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $21.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 396 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $17.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity tranche
|
| Amount: | $42.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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