By Cristal Cody
Tupelo, Miss., Aug. 29 – Saranac CLO Management, LLC, an affiliate of Canaras Capital Management, LLC, priced a $354,575,000 reset of Saranac CLO V Ltd./Saranac CLO V LLC, according to a market source and a notice of executed supplemental indenture No. 1 on Monday.
The CLO sold $222.5 million of class A-R senior secured floating-rate notes at Libor plus 131 basis points; $27.5 million of class B-R senior secured floating-rate notes at Libor plus 190 bps; $27 million of class C-R secured deferrable floating-rate notes at Libor plus 285 bps; $20 million of class D-R secured deferrable floating-rate notes at Libor plus 415 bps; $18 million of class E-R secured deferrable floating-rate notes at Libor plus 770 bps; $5.2 million of class F-R secured floating-rate notes at Libor plus 850 bps and $34,375,000 of subordinated notes.
Jefferies LLC was the arranger.
Saranac CLO Management is the CLO manager. Canaras Capital Management is the sub-advisor.
The Saranac CLO V originally was issued on Nov. 26, 2013.
The maturity on the refinanced notes was extended to July 26, 2029 from the original October 2024 maturity. In addition, the non-call period was extended by two years and the reinvestment period by four years.
The refinanced CLO also was structured to comply with the Volcker Rule.
Collateral consists mainly of broadly syndicated senior secured corporate loans.
Proceeds were used to redeem the original notes on Friday.
Canaras Capital Management is a New York City-based investment management firm.
| Issuer: | Saranac CLO V Ltd./Saranac CLO V LLC
|
| Amount: | $354,575,000 refinancing
|
| Maturity: | July 26, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | Saranac CLO Management, LLC
|
| Call feature: | Two years
|
| Settlement date: | Aug. 25
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $222.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 770 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-R notes
|
| Amount: | $5.2 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $34,375,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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