By Cristal Cody
Tupelo, Miss., Dec. 18 – York CLO Managed Holdings, LLC priced $412.85 million of notes due Jan. 22, 2027 in the firm’s first collateralized loan obligation transaction, according to a market source.
York CLO-1 Ltd./York CLO-1 LLC priced $250 million of class A floating-rate notes at Libor plus 155 basis points; $49 million of class B floating-rate notes at Libor plus 235 bps; $22 million of class C deferrable floating-rate notes at Libor plus 325 bps; $24.5 million of class D deferrable floating-rate notes at Libor plus 410 bps; $23.5 million of class E deferrable floating-rate notes at Libor plus 545 bps and $43.85 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the transaction.
York CLO Managed Holdings will manage the CLO.
The CLO is non-callable until Jan. 22, 2017. The reinvestment period ends Jan. 22, 2019.
The deal is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.
The New York City-based firm is a subsidiary of investment management firm York Capital Management Global Advisors, LLC.
Issuer: | York CLO-1 Ltd./York CLO-1 LLC
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Amount: | $412.85 million
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Maturity: | Jan. 22, 2027
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Credit Suisse Securities (USA) LLC
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Manager: | York CLO Managed Holdings, LLC
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Call feature: | Jan. 22, 2017
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Pricing date: | Dec. 17
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Settlement date: | Jan. 22
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Class A notes
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Amount: | $250 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 155 bps
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Rating: | Moody’s: Aaa
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Class B notes
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Amount: | $49 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 235 bps
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Rating: | Moody’s: Aa2
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Class C notes
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Amount: | $22 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 325 bps
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Rating: | Moody’s: A2
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Class D notes
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Amount: | $24.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 410 bps
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Rating: | Moody’s: Baa3
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Class E notes
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Amount: | $23.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 545 bps
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Rating: | Moody’s: Ba3
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Equity tranche
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Amount: | $43.85 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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