By Cristal Cody
Tupelo, Miss., March 26 – Mariner Investment Group, LLC priced a $504.75 million short-duration collateralized loan obligation transaction, according to a market source.
Mariner CLO 2015-1 LLC sold $331 million of class A floating-rate notes at Libor plus 128 basis points; $38.25 million of class B-1 floating-rate notes at Libor plus 191 bps; $17 million of 3.68% class B-2 fixed-rate notes; $26.25 million of class C deferrable floating-rate notes at Libor plus 315 bps; $25.25 million of class D deferrable floating-rate notes at Libor plus 410 bps; $21 million of class E deferrable floating-rate notes at Libor plus 650 bps and $46 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
The notes are due April 20, 2023.
The CLO has a non-call period that ends April 20, 2016.
The transaction is backed primarily by a static pool of broadly syndicated senior secured loans.
Proceeds will be used to purchase assets to reach a target portfolio of about $500 million of mostly leveraged loans.
Mariner Investment Group brought its first CLO deal in December.
The alternative asset management firm is based in New York City.
Issuer: | Mariner CLO 2015-1 LLC
|
Amount: | $504.75 million
|
Maturity: | April 20, 2023
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Merrill Lynch
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Manager: | Mariner Investment Group, LLC
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Call feature: | April 20, 2016
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Settlement date: | April 15
|
Distribution: | Rule 144A
|
|
Class A notes
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Amount: | $331 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 128 bps
|
Ratings: | Standard & Poor’s: AAA
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| Fitch: AAA
|
|
Class B-1 notes
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Amount: | $38.25 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 191 bps
|
Rating: | Standard & Poor’s: AA
|
|
Class B-2 notes
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Amount: | $17 million
|
Securities: | Fixed-rate notes
|
Coupon: | 3.68%
|
Rating: | Standard & Poor’s: AA
|
|
Class C notes
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Amount: | $26.25 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 315 bps
|
Rating: | Standard & Poor’s: A
|
|
Class D notes
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Amount: | $25.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 410 bps
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Rating: | Standard & Poor’s: BBB
|
|
Class E notes
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Amount: | $21 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 650 bps
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Rating: | Standard & Poor’s: BB
|
|
Equity
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Amount: | $46 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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