By Cristal Cody
Tupelo, Miss., Aug. 22 – York CLO Managed Holdings, LLC priced $405 million of notes due July 22, 2032 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
York CLO-6 Ltd./York CLO-6 LLC sold $252 million of class A-1 floating-rate notes at Libor plus 135 basis points and $8 million of class A-2 floating-rate notes at Libor plus 185 bps.
The CLO also priced $42 million of class B floating-rate notes at Libor plus 205 bps; $19.2 million of class C floating-rate notes at Libor plus 295 bps; $25.6 million of class D floating-rate notes at Libor plus 400 bps; $21.2 million of class E floating-rate notes at Libor plus 706 bps and $37 million of subordinated notes.
Goldman Sachs & Co. LLC arranged the transaction.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by senior secured loans.
York CLO Managed Holdings was last in the primary market in 2018 with one new CLO deal.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-6 Ltd./York CLO-6 LLC
|
| Amount: | $405 million
|
| Maturity: | July 22, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | Two years
|
| Pricing date: | July 16
|
| Settlement date: | Aug. 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | Moody’s: non-rated expected
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $19.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $25.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $21.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 706 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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