Chicago, March 11 – Invesco Senior Secured Management, Inc. conducted a second refinancing of its Recette CLO, Ltd./Recette CLO LLC collateralized loan obligation transaction, according to a pre-sale report.
The $378.85 million portfolio due April 20, 2034 includes $3.25 million of class X-RR senior floating-rate notes at Libor plus 80 basis points, $224 million of class A-RR senior floating-rate notes at Libor plus 108 bps and $42 million of class B-RR senior floating-rate notes at Libor plus 140 bps.
Also part of the CLO are $21 million of class C-RR senior floating-rate notes at Libor plus 175 bps, $21 million of class D-RR senior floating-rate notes at Libor plus 325 bps, $12.25 million of class E-RR senior floating-rate notes at Libor plus 625 bps and $6.25 million of class F-RR senior floating-rate notes at Libor plus 847 bps.
There are also $49.1 million of subordinated notes.
BofA Securities Inc. is the initial purchaser.
The notes cannot be called before April 20, 2023.
Invesco Senior Secured Management will manage the collateral for the notes until April 20, 2026, the end date of the reinvestment period.
Collateral is mostly from senior secured loans, cash and eligible investments with borrowers primarily based in the United States.
Invesco Senior Secured Management is a subsidiary of Atlanta-based Invesco, Ltd.
| Issuers: | Recette CLO, Ltd./Recette CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $378.85 million
|
| Maturity: | April 20, 2034
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Invesco Senior Secured Management, Inc.
|
| Call: | April 20, 2023
|
| Pricing date: | March 10
|
| Settlement date: | March 18
|
|
|
| Class X-RR notes
|
| Amount: | $3.25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-RR notes
|
| Amount: | $224 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $42 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $21 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $21 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $12.25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-RR notes
|
| Amount: | $6.25 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 847 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $49.1 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
