By Cristal Cody
Tupelo, Miss., Aug. 10 – Seix Investment Advisors LLC priced a $415.6 million collateralized loan obligation offering, according to a market source.
Mountain View CLO X, Ltd./Mountain View CLO X, LLC sold $3 million of class X floating-rate notes at Libor plus 100 basis points; $200 million of class A-1 floating-rate notes at Libor plus 150 bps; $50 million of 1.4% class A-2 fixed-rate notes; $29.8 million of class B-1 floating-rate notes at Libor plus 220 bps; $20.3 million of 4.11% class B-2 fixed-rate notes; $25.5 million of class C deferrable floating-rate notes at Libor plus 310 bps; $24.5 million of class D deferrable floating-rate notes at Libor plus 365 bps; $18 million of class E deferrable floating-rate notes at Libor plus 485 bps; $7 million of class F deferrable floating-rate notes at Libor plus 635 bps and $37.5 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Seix Investment Advisors will manage the CLO.
The notes are due Sept. 13, 2027.
The CLO has a non-call period that ends Sept. 13, 2017. The reinvestment period ends Sept. 13, 2019.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Seix Investment Managers has priced two CLO deals year to date.
The Upper Saddle River, N.J.-based firm priced one CLO in 2013 and one CLO in 2014.
| Issuer: | Mountain View CLO X, Ltd./Mountain View CLO X, LLC
|
| Amount: | $415.6 million
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| Maturity: | Sept. 13, 2027
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| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Placement agent: | Morgan Stanley & Co. LLC
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| Manager: | Seix Investment Advisors LLC
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| Call feature: | Sept. 13, 2017
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| Pricing date: | July 31
|
|
|
| Class X notes
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| Amount: | $3 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1 notes
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| Amount: | $200 million
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| Securities: | Fixed-rate notes
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| Coupon: | Libor plus 150 bps
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| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
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| Amount: | $50 million
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| Securities: | Fixed-rate notes
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| Coupon: | 1.4%
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| Ratings: | Moody’s: Aa2 expected
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| Standard & Poor’s: AAA
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|
|
| Class B-1 notes
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| Amount: | $29.8 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 220 bps
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| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-2 notes
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| Amount: | $20.3 million
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| Securities: | Fixed-rate notes
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| Coupon: | 4.11%
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
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| Amount: | $25.5 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
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| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
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| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 485 bps
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| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
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| Amount: | $7 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 635 bps
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| Rating: | Standard & Poor’s: B-
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|
|
| Equity
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| Amount: | $37.5 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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