By Cristal Cody
Tupelo, Miss., March 16 – Anchorage Capital Group, LLC priced an upsized $569.93 million collateralized loan obligation deal, according to a market source.
Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC sold $310.75 million of class A-1 senior secured floating-rate notes at Libor plus 154 basis points; $27.5 million of 3.46% class A-2 senior secured fixed-rate notes; $63.25 million of class B senior secured floating-rate notes at Libor plus 205 bps; $30.03 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 285 bps; $39.93 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 340 bps; $29.37 million of class E-1 junior secured deferrable floating-rate notes at Libor plus 490 bps; $4.4 million of class E-2 junior secured deferrable floating-rate notes at Libor plus 684 bps; $11 million of class F junior secured deferrable floating-rate notes at Libor plus 590 bps and $53.7 million of subordinated notes.
The deal was upsized from $518.5 million.
J.P. Morgan Securities LLC arranged the offering.
Anchorage Capital Group will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.
The notes are due April 15, 2027.
The CLO is backed primarily by broadly syndicated senior secured loans.
Proceeds will be used to purchase a portfolio of about $500 million of primarily senior secured leveraged loans.
Anchorage Capital Group, a New York City-based global asset manager, brought three CLO transactions in 2014.
| Issuer: | Anchorage Capital CLO 6, Ltd./Anchorage Capital CLO 6, LLC
|
| Amount: | $569.93 million
|
| Maturity: | April 15, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Anchorage Capital Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | March 11
|
| Settlement date: | April 15
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $310.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 154 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.46%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $63.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $30.03 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $39.93 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
|
| Amount: | $29.37 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-2 notes
|
| Amount: | $4.4 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 684 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $11 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $53.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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