By Cristal Cody
Tupelo, Miss., Aug. 16 – 325 Fillmore LLC priced $333.22 million of notes in a second refinancing of a vintage 2013 collateralized loan obligation, according to a market source and a notice of executed fourth supplemental indenture on Thursday.
The original Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC transaction was renamed Elevation CLO 2013-1, Ltd./Elevation CLO 2013-1, LLC.
Elevation CLO 2013-1 priced $4.78 million of class X senior secured floating-rate notes at Libor plus 70 basis points and $271.32 million of class A-L loans at Libor plus 155 bps.
The CLO sold $17.85 million of class B-R2 secured deferrable floating-rate notes at Libor plus 325 bps, $17.85 of class C-R2 secured deferrable floating-rate notes at Libor plus 450 bps, $10.71 million of class D-1-R2 secured deferrable floating-rate notes at Libor plus 765 bps and $10.71 million of class D-R2 secured deferrable floating-rate notes at Libor plus 765 bps. The spread on the class D-R2 notes will increase to Libor plus 1,135 bps after the payment date in February 2024.
Goldman Sachs & Co. LLC was the refinancing placement agent.
The CLO manager of the refinanced CLO will be 325 Fillmore.
PGIM, Inc. is the designated successor manager.
The maturity was extended to Aug. 15, 2032 from Nov. 15, 2028.
The refinanced CLO has a non-call period to but excluding the payment date in August 2021. The reinvestment period on the reset CLO was extended to February 2024 from November 2020.
Arrowpoint CLO 2013-1 was originally issued on April 25, 2013.
The CLO was first refinanced in a $331.2 million offering on Nov. 25, 2016.
In the first refinancing, the CLO had priced $225.72 million of class A-1R floating-rate notes at Libor plus 152 bps; $44.28 million of class A-2R floating-rate notes at Libor plus 215 bps; $26.28 million of class B-R deferrable floating-rate notes at Libor plus 295 bps; $16.92 million of class C-R deferrable floating-rate notes at Libor plus 468 bps and $18 million of class D-R deferrable floating-rate notes at Libor plus 771 bps.
Proceeds from the transaction were used to redeem the outstanding notes.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
325 Fillmore is an investment management firm based in Denver.
| Issuer: | Elevation CLO 2013-1, Ltd./Elevation CLO 2013-1, LLC
|
| Amount: | $333.22 million refinancing
|
| Maturity: | Aug. 15, 2032
|
| Securities: | Loans and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | 325 Fillmore LLC
|
| Settlement date: | Aug. 15
|
|
|
| Class X notes
|
| Amount: | $4.78 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $271.32 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R2 notes
|
| Amount: | $17.85 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R2 notes
|
| Amount: | $17.85 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-1-R2 notes
|
| Amount: | $10.71 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 765 bps
|
| Rating: | S&P: BB-
|
|
|
| Class D-2-R2 notes
|
| Amount: | $10.71 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 765 bps; resets to Libor plus 1,135 bps after February 2024 payment date
|
| Rating: | S&P: BB-
|
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