By Cristal Cody
Tupelo, Miss., July 16 – Napier Park Global Capital (US) LP priced $602.1 million of notes due July 15, 2031 in a new collateralized loan obligation offering, according to a market source.
Regatta XIII Funding Ltd./Regatta XIII Funding LLC sold $5.65 million of class X floating-rate notes at Libor plus 65 basis points, $367.5 million of class A-1 floating-rate notes at Libor plus 112 bps and $60.25 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO sold $27.25 million of class B floating-rate notes at Libor plus 210 bps; $35 million of class C floating-rate notes at Libor plus 310 bps; $35 million of class D floating-rate notes at Libor plus 595 bps; $12.7 million of class E floating-rate notes at Libor plus 850 bps and $58.75 million of subordinated notes.
Citigroup Global Markets Inc. arranged the deal.
Napier Park Global Capital (US) will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
The asset management firm is based in New York.
| Issuer: | Regatta XIII Funding Ltd./Regatta XIII Funding LLC
|
| Amount: | $602.1 million
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Napier Park Global Capital (US) LP
|
| Call feature: | Two years
|
| Pricing date: | July 2
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $5.65 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-1 notes
|
| Amount: | $367.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $27.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $12.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 850 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $58.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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