By Cristal Cody
Eureka Springs, Ark., May 19 – York CLO Managed Holdings, LLC priced $403.2 million of notes due July 20, 2025 in the firm’s first collateralized loan obligation deal of the year and third total offering in the space, according to a market source.
York CLO-3 Ltd./York CLO-3 LLC sold $1.5 million of class X floating-rate notes at Libor plus 100 basis points; $268 million of class A floating-rate notes at Libor plus 157 bps; $23 million of class B-1 floating-rate notes at Libor plus 220 bps; $18 million of 3.4% class B-2 fixed-rate notes; $19.5 million of class C deferrable floating-rate notes at Libor plus 335 bps; $11 million of class D-1 deferrable floating-rate notes at Libor plus 535 bps; $10.5 million of class D-2 deferrable floating-rate notes at Libor plus 495 bps; $20 million of class E deferrable floating-rate notes at Libor plus 568 bps and $31.7 million of subordinated notes.
Morgan Stanley & Co. LLC was the underwriter.
York CLO Managed Holdings is the CLO manager.
The CLO has a one-year non-call period and a two-year reinvestment period.
The transaction is backed primarily by senior secured loans.
York priced one CLO deal in 2014 and in 2015.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-3 Ltd./York CLO-3 LLC
|
| Amount: | $403.2 million
|
| Maturity: | July 20, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | One year
|
| Settlement date: | June 15
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | $268 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
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| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $18 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.4%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-1 notes
|
| Amount: | $11 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 535 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 495 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 568 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $31.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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