By Cristal Cody
Tupelo, Miss., March 9 – York CLO Managed Holdings, LLC priced $368.4 million of notes at par in a refinancing of a 2016 collateralized loan obligation deal, according to a market source and a notice of executed and amended and restated indenture on Friday.
York CLO-4 Ltd./York CLO-4 LLC sold $2 million of class X-R senior floating-rate notes at Libor plus 75 basis points, $246.5 million of class A-1-R senior floating-rate notes at Libor plus 109 bps and $11.8 million of class A-2-R senior floating-rate notes at Libor plus 145 bps.
The CLO sold $43.8 million of class B-R senior floating-rate notes at Libor plus 155 bps, $23.9 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 215 bps, $21.8 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 315 bps and $18.6 million of class E-R deferrable junior floating-rate notes at Libor plus 675 bps.
Goldman Sachs & Co. LLC was the refinancing placement agent.
The maturity was extended by two years to April 20, 2032.
The CLO has a non-call period to but not including the payment date in April 2021. The reset CLO has a three-year reinvestment period.
In the original $408 million transaction issued Dec. 13, 2016, the CLO sold $2 million of class X floating-rate notes at Libor plus 100 bps; $252 million of class A floating-rate notes at Libor plus 163 bps; $48 million of class B floating-rate notes at Libor plus 223 bps; $23 million of class C floating-rate notes at Libor plus 305 bps; $23 million of class D floating-rate notes at Libor plus 410 bps; $20 million of class E floating-rate notes at Libor plus 694 bps and $40 million of subordinated notes.
Proceeds were used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first lien senior secured loans.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-4 Ltd./York CLO-4 LLC
|
| Amount: | $368.4 million refinancing
|
| Maturity: | April 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | To but not including payment date in April 2021
|
| Pricing date: | Feb. 21
|
| Settlement date: | March 6
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $2 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Price: | Par
|
| Ratings: | S&P: None
|
| Fitch: AAA
|
|
|
| Class A-1R notes
|
| Amount: | $246.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $11.8 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $43.8 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Ratings: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $23.9 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Price: | Par
|
| Ratings: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $21.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Price: | Par
|
| Ratings: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18.6 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Price: | Par
|
| Ratings: | S&P: BB-
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
