By Cristal Cody
Tupelo, Miss., June 28 – Seix Investment Advisors LLC priced $518.05 million of notes in a refinancing and reset of a 2015 collateralized loan obligation, according to a market source and a notice of executed supplemental indenture on Wednesday.
Mountain View CLO IX, Ltd./Mountain View CLO IX, LLC sold $5 million of class X senior secured floating-rate notes at Libor plus 55 basis points, $355 million of class A-1-R senior secured floating-rate notes at Libor plus 112 bps and $62 million of class A-2-R senior secured floating-rate notes at Libor plus 178 bps.
The CLO priced $30.5 million of class B-R mezzanine secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 312 bps, $27.3 million of class D-R junior secured deferrable floating-rate notes at Libor plus 608 bps and $8.25 million of class E junior secured deferrable floating-rate notes at Libor plus 802 bps.
BNP Paribas Securities Corp. was the refinancing underwriter.
Seix Investment Advisors will continue to manage the CLO.
The maturity on the reset notes was extended to July 15, 2031 from the original July 15, 2027 maturity.
The refinanced CLO has a two-year non-call period and a reinvestment period that ends June 26, 2023.
Seix Investment Advisors issued the original CLO on June 25, 2015.
Proceeds from the deal were used to redeem the original notes.
Seix Investment Advisors has refinanced two vintage CLOs year to date.
The Upper Saddle River, N.J.-based firm is indirectly owned by SunTrust Banks Inc.
| Issuer: | Mountain View CLO IX, Ltd./Mountain View CLO IX, LLC
|
| Amount: | $518.05 million refinancing
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Seix Investment Advisors LLC
|
| Call feature: | June 26, 2020
|
| Settlement date: | June 26
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 55 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1-R notes
|
| Amount: | $355 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $62 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 178 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
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| Amount: | $30.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 312 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
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| Amount: | $27.3 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 608 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E-R notes
|
| Amount: | $8.25 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 802 bps
|
| Rating: | Moody’s: B3
|
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