By Cristal Cody
Tupelo, Miss., Aug. 31 – Final pricing details emerged for Alcentra NY LLC’s previously reported $442.7 million collateralized loan obligation deal, which was downsized from an expected $514.45 million, according to a market source.
Shackleton 2015-VIII CLO, Ltd./Shackleton 2015-VIII CLO, LLC priced $246.15 million of class A-1 senior secured floating-rate notes at Libor plus 151 basis points; $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.
J.P. Morgan Securities LLC was the placement agent.
Alcentra will manage the CLO.
The notes are due Oct. 20, 2027.
The CLO is non-callable until Oct. 20, 2017. The reinvestment period ends Oct. 20, 2019.
The transaction is backed primarily by broadly syndicated senior secured corporate loans.
Alcentra previously was in the primary market with the $508 million Shackleton 2015-VII CLO, Ltd./Shackleton 2015-VII CLO, LLC deal on March 27.
New York-based Alcentra, part of BNY Alcentra Group Holdings, Inc., priced two U.S. CLO transactions in 2014.
| Issuer: | Shackleton 2015-VIII CLO, Ltd./Shackleton 2015-VIII CLO, LLC
|
| Amount: | $442.7 million
|
| Maturity: | Oct. 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Alcentra NY LLC
|
| Call feature: | Oct. 20, 2017
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 15
|
|
|
| Class A-1 notes
|
| Amount: | $246.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.1%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
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| Amount: | $50.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $30.65 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $8.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | $38.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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