By Cristal Cody
Tupelo, Miss., June 23 – Investcorp Credit Management US LLC sold $612.3 million of notes due July 17, 2029 in the Jamestown CLO X, Ltd./Jamestown CLO X Corp. collateralized loan obligation transaction, a market source said.
The CLO priced $4 million of class X senior secured floating-rate notes at Libor plus 90 basis points; $384 million of class A-1 senior secured floating-rate notes at Libor plus 125 bps; $72 million of class A-2 senior secured floating-rate notes at Libor plus 185 bps; $13.37 million of class B-1A senior secured deferrable floating-rate notes at Libor plus 255 bps; $16.63 million of class B-1B senior secured deferrable floating-rate notes at Libor plus 255 bps; $42 million class C senior secured deferrable floating-rate notes at Libor plus 370 bps; $24 million of class D senior secured deferrable floating-rate notes at Libor plus 670 bps; $9 million of class E senior secured deferrable floating-rate notes at Libor plus 762 bps and $47.3 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Investcorp Credit Management US is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $600 million of mostly first lien senior secured leveraged loans.
Investcorp was formed earlier in the year 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 X, Ltd./Jamestown CLO X Corp.
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| Amount: | $612.3 million
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| Maturity: | July 17, 2029
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| Securities: | Floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: | BofA Merrill Lynch
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| Manager: | Investcorp Credit Management US LLC
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| Call feature: | Two years
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| Pricing date: | June 15
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| Settlement date: | July 12
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| Distribution: | Rule 144A, Regulation S
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| Class X notes
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| Amount: | $4 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 90 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
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| Class A-1 notes
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| Amount: | $384 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 125 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
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| Class A-2 notes
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| Amount: | $72 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 185 bps
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| Ratings: | Moody’s: Aa2
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| Class B-1A notes
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| Amount: | $13.37 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 255 bps
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| Ratings: | Moody’s: A2
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| Class B-1B notes
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| Amount: | $16.63 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 255 bps
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| Ratings: | Moody’s: A2
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|
|
| Class C notes
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| Amount: | $42 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 370 bps
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| Ratings: | Moody’s: Baa3
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|
|
| Class D notes
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| Amount: | $24 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 670 bps
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| Ratings: | Moody’s: Ba3
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| Class E notes
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| Amount: | $9 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 762 bps
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| Ratings: | Moody’s: B3
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| Equity
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| Amount: | $47.3 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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