By Cristal Cody
Tupelo, Miss., Feb. 12 – Mariner Investment Group, LLC priced $437.5 million of notes due April 20, 2029 in a second refinancing of a vintage 2015 collateralized loan obligation transaction, according to a market source and a notice of proposed supplemental indenture on Tuesday.
Mariner CLO 2015-1 LLC sold $320 million of class A-R2 floating-rate notes at Libor plus 98 basis points; $55 million of class B-R2 floating-rate notes at Libor plus 150 bps; $35.5 million of class C-R2 deferrable floating-rate notes at Libor plus 190 bps and $27 million of class D-R2 deferrable floating-rate notes at Libor plus 285 bps.
J.P. Morgan Securities LLC was the refinancing agent.
Mariner will continue to manage the CLO.
The CLO has an extended non-call period to but excluding March 4, 2021. The reinvestment period ends April 20, 2021.
In the Mariner CLO 2015-1 transaction originally issued April 15, 2015, the CLO sold $331 million of class A floaters at Libor plus 128 bps; $38.25 million of class B-1 floaters at Libor plus 191 bps; $17 million of 3.68% class B-2 fixed-rate notes; $26.25 million of class C deferrable floaters at Libor plus 315 bps; $25.25 million of class D deferrable floaters at Libor plus 410 bps; $21 million of class E deferrable floaters at Libor plus 650 bps and $46 million of subordinated notes.
In the first $460.5 million refinancing on April 20, 2017, the CLO sold $320 million of class A-R floating-rate notes at Libor plus 129 bps; $55 million of class B-R floating-rate notes at Libor plus 175 bps; $35.5 million of class C-R deferrable floating-rate notes at Libor plus 250 bps; $27 million of class D-R deferrable floating-rate notes at Libor plus 365 bps and $23 million of class E-R deferrable floating-rate notes at Libor plus 615 bps.
Proceeds will be used to redeem the outstanding notes.
The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.
The alternative asset management firm is based in New York City.
| Issuer: | Mariner CLO 2015-1 LLC
|
| Amount: | $437.5 million refinancing
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Mariner Investment Group, LLC
|
| Call feature: | To but excluding March 4, 2021
|
| Settlement date: | March 4
|
|
|
| Class A-R2 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 98 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class B-R2 notes
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| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R2 notes
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| Amount: | $35.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R2 notes
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| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: BBB expected
|
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