By Cristal Cody
Tupelo, Miss., April 3 – CF H-BSL Management LLC refinanced $242.5 million of notes due Jan. 17, 2026 in a refinancing of a 2013 collateralized loan obligation deal, according to a market source.
Hildene CLO I Ltd./Hildene CLO I LLC priced $187.5 million of class A-R senior secured floating-rate notes at par to yield Libor plus 115 basis points, $38.5 million of class B-R senior secured floating-rate notes at par to yield Libor plus 165 bps and $16.5 million of class C-R deferrable mezzanine floating-rate notes at par to yield Libor plus 250 bps.
BofA Merrill Lynch was the refinancing agent.
CF H-BSL will manage the CLO.
Proceeds of the offering will be used to redeem the original class A, B and C notes.
The CLO originally priced in December 2013 $187.5 million of class A senior secured floating-rate notes at Libor plus 150 bps; $28.5 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps; $10 million of 4.65% class B-2 senior secured fixed-rate notes; $16.5 million of class C deferrable mezzanine floating-rate notes at Libor plus 300 bps; $18.5 million of class D deferrable mezzanine floating-rate notes at Libor plus 375 bps; $14.5 million of class E deferrable mezzanine floating-rate notes at Libor plus 515 bps; $6 million of class F deferrable mezzanine floating-rate notes at Libor plus 625 bps and $28.25 million of subordinated notes.
Hildene Leveraged Credit LLC originally priced the CLO and sold the management contracts for its CLOs in 2016.
CF H-BSL is a New York-based affiliate of Fortress Investment Group LLC.
Issuer: | Hildene CLO I Ltd./Hildene CLO I LLC
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Amount: | $242.5 million refinancing
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Maturity: | Jan. 17, 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 30
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Class A-R notes
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Amount: | $187.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 115 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: | $38.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 165 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: | $16.5 million
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Securities: | Deferrable mezzanine floating-rate notes
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Coupon: | Libor plus 250 bps
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Price: | Par
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Rating: | Moody’s: A2 expected
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