By Cristal Cody
Tupelo, Miss., Dec. 22 – 325 Fillmore LLC sold $413 million of notes due Oct. 25, 2030 in a new broadly syndicated collateralized loan obligation offering, according to a market source.
Elevation CLO 2017-8, Ltd./Elevation CLO 2017-8 LLC priced $254 million of class A-1 senior secured floating-rate notes at Libor plus 116 basis points; $7 million of 3.57% class A-2 senior secured fixed-rate notes; $42 million of class B senior secured floating-rate notes at Libor plus 150 bps; $20 million of class C secured deferrable floating-rate notes at Libor plus 205 bps; $26 million of class D secured deferrable floating-rate notes at Libor plus 287 bps, $19 million of class E secured deferrable floating-rate notes at Libor plus 565 bps; $7 million of class F secured deferrable floating-rate notes at Libor plus 786 bps and $38 million of subordinated notes.
MUFG was the placement agent.
325 Fillmore will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
325 Fillmore has priced three new CLOs and refinanced one vintage CLO in 2017.
The CLO manager is an affiliate of Denver-based ArrowMark Colorado Holdings LLC.
| Issuer: | Elevation CLO 2017-8, Ltd./Elevation CLO 2017-8 LLC
|
| Amount: | $413 million
|
| Maturity: | Oct. 25, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | 325 Fillmore LLC
|
| Call feature: | Two years
|
| Settlement date: | Jan. 25
|
|
|
| Class A-1 notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.57%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 287 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 786 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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