By Cristal Cody
Tupelo, Miss., Oct. 24 – Alcentra NY, LLC priced $395.6 million of notes due Oct. 20, 2027 in a refinancing of a vintage 2015 collateralized loan obligation deal, according to a market source and a notice of executed first supplemental indenture and executed first amendment to collateral management agreement on Monday.
Shackleton 2015-VIII CLO, Ltd./Shackleton 2015-VIII CLO LLC sold $246.15 million of class A-1-R senior floating-rate notes at Libor plus 92 basis points, $25 million of class A-2-R senior floating-rate notes at Libor plus 92 bps, $50.8 million of class B-R senior floating-rate notes at Libor plus 130 bps, $30.65 million of C-R deferrable floating-rate notes at Libor plus 165 bps, $21.5 million of class D-R deferrable floating-rate notes at Libor plus 270 bps and $21.5 million of class E-R deferrable floating-rate notes at Libor plus 534 bps.
J.P. Morgan Securities LLC was the refinancing placement agent.
Alcentra will continue to manage the CLO.
The original CLO priced on Aug. 20, 2015. The CLO sold $246.15 million of class A-1 senior secured floating-rate notes at Libor plus 151 bps; $25 million of 3.1% class A-2 senior secured fixed-rate notes; $50.8 million of class B senior secured floating-rate notes at Libor plus 210 bps; $30.65 million of class C deferrable floating-rate notes at Libor plus 295 bps; $21.5 million of class D deferrable floating-rate notes at Libor plus 365 bps; $21.5 million of class E deferrable floating-rate notes at Libor plus 535 bps; $8.6 million of class F deferrable floating-rate notes at Libor plus 685 bps and $38.5 million of subordinated notes.
Proceeds were used to redeem the original notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Alcentra has refinanced three vintage CLOs year to date.
In 2016, Alcentra priced one new CLO and refinanced one vintage CLO.
The New York-based firm is part of BNY Alcentra Group Holdings, Inc.
| Issuer: | Shackleton 2015-VIII CLO Ltd./Shackleton 2015-VIII CLO LLC
|
| Amount: | $395.6 million refinancing
|
| Maturity: | Oct. 20, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Alcentra NY, LLC
|
| Settlement date: | Oct. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $246.15 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 92 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 92 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $50.8 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30.65 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 534 bps
|
| Rating: | S&P: BB
|
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