By Cristal Cody
Tupelo, Miss., March 17 – Acis Capital Management, LP priced $578.35 million of notes due May 1, 2027 in a collateralized loan obligation offering, according to a market source.
ACIS CLO 2015-6 Ltd./ACIS CLO 2015-6 LLC sold $300 million of class A-1 floating-rate notes at Libor plus 159 basis points; $47 million of 3.37% class A-2 fixed-rate notes; $75 million of class B-1 floating-rate notes at Libor plus 248 bps; $14 million of 4.43% class B-2 fixed-rate notes; $31.5 million of class C deferrable floating-rate notes at Libor plus 337 bps; $25 million of class D deferrable floating-rate notes at Libor plus 377 bps; $26 million of class E deferrable floating-rate notes at Libor plus 549 bps and $59.85 million of subordinated notes.
Jefferies LLC arranged the deal.
Acis Capital Management will manage the CLO.
The CLO is non-callable until Nov. 1, 2016. The reinvestment period ends May 1, 2019.
The CLO is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.
Acis Capital Management, an affiliate of Dallas-based Highland Capital Management, LP, brought three CLO deals in 2014.
| Issuer: | ACIS CLO 2015-6 Ltd./ACIS CLO 2015-6 LLC
|
| Amount: | $578.35 million
|
| Maturity: | May 1, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Acis Capital Management, LP
|
| Call feature: | Nov. 1, 2016
|
| Pricing date: | March 4
|
| Settlement date: | April 16
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 159 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $47 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.37%
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 248 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
|
| Amount: | $14 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.43%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 337 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 377 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 549 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $59.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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