By Cristal Cody
Tupelo, Miss., Dec. 9 – Allianz Global Investors U.S. LLC priced $413 million of notes due Jan. 16, 2027 in a collateralized loan obligation transaction, according to a market source.
West CLO 2014-2 Ltd./West CLO 2014-2 LLC sold $3.75 million of class X floating-rate notes at Libor plus 100 basis points; $200 million of class A-1a floating-rate notes at Libor plus 155 bps; $56 million of 3.455% class A-1b fixed-rate notes; $46.25 million of class A-2 floating-rate notes at Libor plus 235 bps; $17 million of class B floating-rate notes at Libor plus 320 bps; $24.5 million of class C floating-rate notes at Libor plus 368 bps; $25.25 million of class D floating-rate notes at Libor plus 505 bps; $4.25 million of class E floating-rate notes at Libor plus 604 bps and $36 million of subordinated notes.
Nomura Securities International Inc. arranged the transaction.
Allianz Global Investors will manage the CLO.
The deal is secured by senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the transaction will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.
Allianz Global Investors previously priced the $462.63 million West CLO 2014-1 Ltd./West CLO 2014-1 LLC deal on June 20.
The firm, part of Munich-based Allianz SE, brought one CLO transaction in 2013.
| Issuer: | West CLO 2014-2 Ltd./West CLO 2014-2 LLC
|
| Amount: | $413 million
|
| Maturity: | Jan. 16, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | Allianz Global Investors U.S. LLC
|
| Pricing date: | Dec. 9
|
| Settlement date: | Jan. 16
|
|
|
| Class X notes
|
| Amount: | $3.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1a notes
|
| Amount: | $200 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $56 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.455%
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $46.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 368 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $25.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 505 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $4.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 604 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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