By Cady Vishniac
Detroit, Jan. 21 – Marble Point CLO Management LLC priced $299.5 million of notes due Jan. 20, 2032 in a partial refinancing of the 2018 Marble Point CLO XIV, Ltd./Marble Point CLO XIV LLC transaction, according to a market source.
The CLO has priced $236 million of class A-1-R senior floating-rate notes at Libor plus 128 basis points, $20 million of class A-2-R 1.74% senior fixed-rate notes and $43.5 million of class B-R senior floating-rate notes at Libor plus 170 bps.
Marble Point CLO Management will manage the CLO.
The CLO originally sold $406.1 million of notes due Dec. 18, 2030 on Dec. 31, 2018, including $325 million of class A floating-rate notes at Libor plus 118 bps, $51.25 million of class B floating-rate notes at Libor plus 150 bps, $30 million of class C floating-rate notes at Libor plus 180 bps, $31.25 million of class D floating-rate notes at Libor plus 280 bps, $22.5 million of class E floating-rate notes at Libor plus 560 bps and $48.5 million of subordinated notes.
The other three classes of secured notes, one class of subordinated notes and one class of income notes will remain outstanding.
Marble Point CLO Management is part of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
| Issuer: | Marble Point CLO XIV, Ltd./Marble Point CLO XIV LLC
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| Amount: | $299.5 million
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| Maturity: | Jan. 20, 2032
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Manager: | Marble Point CLO Management LLC
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| Announcement date: | Jan. 21
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| Distribution: | Rule 144A, Regulation S
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|
|
| Class A-1-R notes
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| Amount: | $236 million
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| Securities: | Senior floating-rate notes
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| Coupon: | Libor plus 128 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2-R notes
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| Amount: | $20 million
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| Securities: | Senior fixed-rate notes
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| Coupon: | 1.74%
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| Ratings: | Moody’s: Aaa
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|
|
| Class B-R notes
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| Amount: | $43.5 million
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| Securities: | Senior floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Aa2
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