By Cristal Cody
Tupelo, Miss., Nov. 1 – Insight North America LLC priced $437.15 million of notes in a refinancing of a vintage 2015 collateralized loan obligation offering, according to a market source and a notice of executed supplemental indenture and executed amendment to income note agency agreement on Wednesday.
Cutwater 2015-I, Ltd./Cutwater 2015-I, LLC sold $292.5 million of class A-R senior secured floating-rate notes at Libor plus 122 basis points and $49.5 million of class B-R senior secured floating-rate notes at Libor plus 180 bps.
The CLO also priced $27.4 million of class C-R senior secured deferrable floating-rate notes at Libor plus 235 bps, $27.4 million of class D-R secured deferrable floating-rate notes at Libor plus 345 bps and $18.4 million of class E-R secured deferrable floating-rate notes at Libor plus 595 bps.
The deal included $15.5 million of subordinated notes and $9.85 million of income notes.
RBC Capital Markets, LLC was the refinancing placement agent.
Insight North America is the CLO manager successor since the merger with previous CLO manager Cutwater Investor Services Corp.
The maturity on the notes was extended to Jan. 15, 2029 to July 15, 2027.
The reset CLO has a one-year non-call period and two-year reinvestment period.
In the original $462.1 million Cutwater 2015-I deal issued June 3, 2015, the CLO sold $200 million of class A-1 senior secured floating-rate notes at Libor plus 161 bps, $92 million of class A-2 senior secured floating-rate notes at Libor plus 153 bps and $52 million of class B senior secured floating-rate notes at Libor plus 240 bps.
The CLO also had priced $22.75 million of class C senior secured deferrable floating-rate notes at Libor plus 340 bps; $18 million of class D-1 secured deferrable floating-rate notes at Libor plus 390 bps; $9 million of class D-2 secured deferrable floating-rate notes at Libor plus 465 bps; $20.25 million of class E secured deferrable floating-rate notes at Libor plus 600 bps; $9 million of class F secured deferrable floating-rate notes at Libor plus 710 bps and $39.1 million of subordinated notes.
Proceeds were used to redeem the original notes.
The offering is collateralized primarily by broadly syndicated senior secured corporate loans.
Cutwater is an investment management firm based in New York City.
| Issuer: | Cutwater 2015-I, Ltd./Cutwater 2015-I, LLC
|
| Amount: | $437.15 million refinancing
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Floating-rate, subordinated and income notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | RBC Capital Markets, LLC
|
| Manager: | Insight North America LLC
|
| Call feature: | One year
|
| Pricing date: | Oct. 15
|
| Settlement date: | Oct. 30
|
| Distribution date: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $292.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $49.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $27.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $18.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $15.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $9.85 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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