By Cristal Cody
Tupelo, Miss., Sept. 4 – York CLO Managed Holdings, LLC priced $511.75 million of notes due Oct. 22, 2027 in the firm’s second collateralized loan obligation deal, according to a market source.
York CLO-2 Ltd./York CLO-2 LLC sold $320 million of class A floating-rate notes at Libor plus 160 basis points; $60 million of class B floating-rate notes at Libor plus 250 bps; $27.5 million of class C floating-rate notes at Libor plus 350 bps; $27.5 million of class D floating-rate notes at Libor plus 425 bps; $25 million of class E floating-rate notes at Libor plus 625 bps and $51.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the transaction.
York CLO Managed Holdings is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by senior secured loans.
Proceeds from the offering will be used to purchase assets to reach a target portfolio of about $500 million of leveraged loans.
York previously priced the $412.85 million York CLO-1 Ltd./York CLO-1 LLC deal in 2014.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-2 Ltd./York CLO-2 LLC
|
| Amount: | $511.75 million
|
| Maturity: | Oct. 22, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | 2017
|
| Settlement date: | Sept. 29
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $51.75 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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