By Cristal Cody
Tupelo, Miss., Aug. 2 – Investcorp Credit Management US LLC sold $368 million of notes due Oct. 20, 2028 in a refinancing of the vintage 2016 Jamestown CLO IX, Ltd./Jamestown CLO IX Corp. collateralized loan obligation transaction, according to a market source and a notice of optional redemption by refinancing and proposed supplemental indenture.
The CLO priced $150 million of class A-1A-R senior secured floating-rate notes at Libor plus 117 basis points, $110 million of class A-1B-R senior secured floating-rate notes at Libor plus 117 bps and $41.6 million of class A-2-R senior secured floating-rate notes at Libor plus 185 bps.
The CLO sold $19.2 million of class B-R senior secured deferrable floating-rate notes at Libor plus 265 bps, $12 million class C-1-R senior secured deferrable floating-rate notes at Libor plus 410 bps, $15.1 million of class C-2-R senior secured deferrable floating-rate notes at Libor plus 410 bps and $20.1 million of class D-R senior secured deferrable floating-rate notes at Libor plus 694 bps.
GreensLedge Capital Markets LLC was the refinancing placement agent.
Investcorp will manage the CLO.
The refinanced CLO has a one-year reinvestment period.
In the original $407.55 million deal issued by 3i Debt Management U.S. LLC on Sept. 15, 2016, the CLO priced $150 million of class A-1A floating-rate notes at Libor plus 157 bps; $110 million of class A-1B floating-rate notes at Libor plus 150 bps; $41.6 million of class A-2 floating-rate notes at Libor plus 200 bps; $19.2 million of class B floating-rate notes at Libor plus 270 bps; $12 million class C-1 floating-rate notes at Libor plus 385 bps; $15.1 million of class C-2 floating-rate notes at Libor plus 470 bps; $20.1 million of class D floating-rate notes at Libor plus 665 bps and $39.55 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Investcorp was formed in 2017 following Investcorp Bank BSC’s acquisition of 3i Debt Management from 3i Group plc.
The investment firm has offices in London, New York and Singapore.
| Issuer: | Jamestown CLO IX, Ltd./Jamestown CLO IX Corp.
|
| Amount: | $368 million refinancing
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | GreensLedge Capital Markets LLC
|
| Manager: | Investcorp Credit Management US LLC
|
| Pricing date: | July 22
|
| Settlement date: | Aug. 2
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1A-R notes
|
| Amount: | $150 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | $110 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $41.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
|
| Amount: | $19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-1-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class C-2 notes
|
| Amount: | $15.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
|
| Amount: | $20.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 694 bps
|
| Rating: | Moody’s: Ba3
|
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