By Cristal Cody
Tupelo, Miss., Nov. 7 – Columbia Management Investment Advisors, LLC priced $473.46 million of notes due Nov. 7, 2030 in a reissue of a vintage 2014 broadly syndicated collateralized loan obligation, according to market sources.
Columbia Cent CLO 28 Ltd./Columbia Cent CLO 28 LLC sold $4.5 million of class X floating-rate notes at Libor plus 65 basis points; $274.88 million of class A-1 floating-rate notes at Libor plus 126 bps; $13.13 million of class A-1J floating-rate notes at Libor plus 145 bps; $54 million of class A-2 floating-rate notes at Libor plus 185 bps; $27 million of class B floating-rate notes at Libor plus 230 bps; $27 million of class C floating-rate notes at Libor plus 350 bps; $17.63 million of class D floating-rate notes at Libor plus 650 bps and $55.34 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
Columbia Management Investment Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is a reissue of the Cent CLO 22 Ltd./Cent CLO 22 LLC transaction that was issued in October 2014 and refinanced Nov. 7, 2016.
In the partial refinancing, the CLO sold $383.75 million of class A-1-R floating-rate notes at Libor plus 141 bps, $40.8 million of class A-2a-R floating-rate notes at Libor plus 195 bps, $30 million of 3.4% class A-2b-R fixed-rate notes and $41.3 million of class B-R floating-rate notes at Libor plus 295 bps.
The CLO originally sold $319.8 million of class A-1 floating-rate notes at Libor plus 148 bps; $34 million of class A-2A floating-rate notes at Libor plus 230 bps; $25 million of 4.61% class A-2B fixed-rate notes; $34.4 million of class B floating-rate notes at Libor plus 320 bps; $25.4 million of class C deferrable floating-rate notes at Libor plus 375 bps; $21.3 million of class D deferrable floating-rate notes at Libor plus 530 bps; $11.3 million of class E deferrable floating-rate notes at Libor plus 640 bps and $42.45 million of subordinated notes.
The reissued CLO is collateralized primarily by broadly syndicated senior secured corporate loans.
Columbia Management Investment is an investment management firm based in Boston.
| Issuer: | Columbia Cent CLO 28 Ltd./Columbia Cent CLO 28 LLC
|
| Amount: | $473.46 million reissue
|
| Maturity: | Nov. 7, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Columbia Management Investment Advisors, LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 1
|
| Settlement date: | Nov. 7
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $274.88 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1J notes
|
| Amount: | $13.13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $54 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $17.63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $55.34 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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