Chicago, Jan. 10 – Antares Capital Advisers LLC refinanced and extended for $574 million the five classes of notes at the top of the stack for the collateralized loan obligation issued by Antares CLO 2020-1 Ltd./Antares CLO 2020-1 LLC, according to a pre-sale report.
The notes will mature on Oct. 23, 2033.
The refinanced classes of notes from the CLO consists of $413 million of class A-1-R senior secured floating-rate notes at Libor plus 146 basis points, $14 million of class A-2-R senior secured floating-rate notes at Libor plus 165 bps, $59.5 million of class B-R senior secured floating-rate notes at Libor plus 190 bps, $52.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 245 bps and $35 million of class D-R senior secured deferrable floating-rate notes at Libor plus 360 bps.
The $42 million of class E deferrable notes at Libor plus 885 bps and the $80.99 million of subordinated notes will remain part of the CLO.
Antares Capital Advisers LLC will manage the collateral through the end of the reinvestment period on Oct. 23, 2025.
The notes are backed primarily by middle-market senior secured term loans.
The notes can be called starting Oct. 23, 2023.
BNP Paribas Securities Corp. was the placement agent.
Antares Capital is a Chicago-based investment management firm and affiliate of Antares Holding LP.
| Issuer: | Antares CLO 2020-1 Ltd./Antares CLO 2020-1 LLC
|
| Issue: | Floating-rate notes
|
| Amount: | $574 million
|
| Maturity: | Oct. 23, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Antares Capital Advisers LLC
|
| Call feature: | Oct. 23, 2023
|
| Settlement date: | Nov. 30
|
|
|
| Class A-1-R notes
|
| Amount: | $413 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 146 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $59.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $52.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
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