By Cristal Cody
Tupelo, Miss., Nov. 18 – York CLO Managed Holdings, LLC priced $447,125,000 of notes due April 20, 2032 in the manager’s first new broadly syndicated collateralized loan obligation of 2020, according to market sources.
York CLO-8 Ltd./York CLO-8 LLC sold $3,375,000 of class X floating-rate notes at Libor plus 110 basis points, $258 million of class A-1 floating-rate notes at Libor plus 150 bps and $12 million of 1.863% class A-2 fixed-rate notes.
The CLO also priced $64 million of class B-1 floating-rate notes at Libor plus 185 bps and $8 million of 2.368% class B-2 fixed-rate notes.
York CLO sold $24.75 million of class C deferrable floating-rate notes at Libor plus 280 bps, $24 million of class D-1 deferrable floating-rate notes at Libor plus 450 bps, $2.3 million of class D-2 deferrable floating-rate notes at Libor plus 550 bps, $4.28 million of class E deferrable floating-rate notes at Libor plus 788 bps and $36.5 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by senior secured loans.
York CLO has priced one new CLO and refinanced one vintage CLO year to date.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-8 Ltd./York CLO-8 LLC
|
| Amount: | $447,125,000
|
| Maturity: | April 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | One year
|
| Settlement date: | Nov. 25
|
|
|
| Class X notes
|
| Amount: | $3,375,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.863%
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $8 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.368%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $2.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 788 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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