By Cristal Cody
Tupelo, Miss., Feb. 25 – Brigade Capital Management, LP closed Tuesday on a new $405.25 million collateralized loan obligation offering of notes due Jan. 17, 2033, according to market sources.
Battalion CLO XV Ltd./Battalion CLO XV LLC sold $248 million of class A-1 floating-rate notes at Libor plus 135 basis points, $10 million of class A-2 floating-rate notes at Libor plus 160 bps and $46 million of class B floating-rate notes at Libor plus 170 bps.
The CLO also priced $20 million of class C deferrable floating-rate notes at Libor plus 225 bps, $26 million of class D deferrable floating-rate notes at Libor plus 325 bps, $14 million of class E deferrable floating-rate notes at Libor plus 635 bps and $41.25 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated first-lien senior secured loans.
Brigade Capital is an investment advisor firm based in New York.
| Issuer: | Battalion CLO XV Ltd./Battalion CLO XV LLC
|
| Amount: | $405.25 million
|
| Securities: | Floating-rate notes
|
| Maturity: | Jan. 17, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Brigade Capital Management, LP
|
| Call feature: | Two years
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $41.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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