By Cristal Cody
Tupelo, Miss., April 3 – CF H-BSL Management LLC sold $302.5 million of notes due Oct. 20, 2026 at par in a refinancing of a 2014 collateralized loan obligation deal, according to a market source and a notice of proposed supplemental indenture.
Hildene CLO III Ltd./Hildene CLO III LLC priced $220.5 million of class A-R senior secured floating-rate notes at Libor plus 120 basis points, $43 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $18.75 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 255 bps and $20.25 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 385 bps.
BofA Merrill Lynch was the refinancing agent.
CF H-BSL will manage the CLO.
Hildene Leveraged Credit LLC originally priced the CLO on Nov. 14, 2014 and sold the management contracts for its CLOs in 2016.
In the original deal, the CLO priced $220.5 million of class A senior secured floating-rate notes at Libor plus 160 bps; $43 million of class B senior secured floating-rate notes at Libor plus 275 bps; $18.75 million of class C deferrable floating-rate notes at Libor plus 360 bps; $20.25 million of class D deferrable floating-rate notes at Libor plus 410 bps; $18.75 million of class E deferrable floating-rate notes at Libor plus 525 bps; $5.5 million of class F deferrable floating-rate notes at Libor plus 600 bps and $34.25 million of subordinated notes.
Proceeds of the offering will be used to redeem the original class A, B, C and D notes on April 20.
CF H-BSL is a New York-based affiliate of Fortress Investment Group LLC.
Issuer: | Hildene CLO III Ltd./Hildene CLO III LLC
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Amount: | $302.5 million refinancing
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Maturity: | Oct. 20, 2026
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | BofA Merrill Lynch
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Manager: | CF H-BSL Management LLC
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Pricing date: | March 27
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Settlement date: | April 20
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Distribution: | Rule 144A, Regulation S
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Class A-R notes
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Amount: | $220.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 120 bps
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Price: | Par
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Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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Class B-R notes
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Amount: | $43 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 170 bps
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Price: | Par
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Rating: | Moody’s: Aa2 expected
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Class C-R notes
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Amount: | $18.75 million
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | Libor plus 255 bps
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Price: | Par
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Rating: | Moody’s: A2 expected
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Class D-R notes
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Amount: | $20.25 million
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | Libor plus 385 bps
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Price: | Par
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Rating: | Moody’s: Baa3 expected
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