By Cristal Cody
Tupelo, Miss., May 6 – Fifth Street Senior Floating Rate Corp. priced $308.98 million of notes due April 13, 2025 in a middle-market collateralized loan obligation deal, a source said on Wednesday.
FS Senior Funding Ltd./FS Senior Funding CLO LLC sold $126 million of class A-T1 floating-rate notes at Libor plus 180 basis points; $29 million of class A-S floating-rate notes at Libor plus 155 bps, which step up to Libor plus 210 bps on the October 2016 payment date; $20 million of class A-R revolving floating-rate notes at Libor plus 180 bps; $25 million of class B floating-rate notes at Libor plus 265 bps; $22.58 million of class C floating-rate notes at Libor plus 325 bps and $86.4 million of subordinated notes.
Natixis Securities America LLC arranged the transaction.
The CLO manager is Fifth Street Senior Floating Rate.
The CLO is non-callable until May 28, 2017. The reinvestment period ends May 28, 2019.
The deal is collateralized by a revolving pool of middle-market senior secured corporate loans.
Fifth Street Senior Floating Rate is a public business development company owned by Greenwich, Conn.-based Fifth Street Asset Management Inc.
| Issuer: | FS Senior Funding Ltd./FS Senior Funding CLO LLC
|
| Amount: | $308.98 million
|
| Maturity: | April 13, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow middle-market CLO
|
| Placement agent: | Natixis Securities America LLC
|
| Manager: | Fifth Street Senior Floating Rate Corp.
|
| Call feature: | May 28, 2017
|
| Settlement date: | May 28
|
|
|
| Class A-T1 notes
|
| Amount: | $126 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-S notes
|
| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-R notes
|
| Amount: | $20 million
|
| Securities: | Revolving floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $22.58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $86.4 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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