By Cristal Cody
Tupelo, Miss., March 26 – Seix Investment Advisors LLC priced $404.66 million of notes due April 2029 in a new collateralized loan obligation offering, according to market sources.
Mountain View CLO XIV, Ltd./Mountain View CLO XIV, LLC sold $252 million of class A-1 senior secured floating-rate notes at Libor plus 144 basis points, $8 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps and $48 million of class B senior secured floating-rate notes at Libor plus 200 bps.
The CLO priced $17.6 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 290 bps, $22.4 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 405 bps, $20 million of class E junior secured deferrable floating-rate notes at Libor plus 671 bps, $3.5 million of class F junior secured deferrable floating-rate notes at Libor plus 870 bps and $33.16 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a two-year reinvestment period.
The transaction includes an applicable margin reset feature that allows the notes to be refinanced via a modified Dutch auction.
The CLO is collateralized mainly by broadly syndicated senior secured corporate loans.
Seix Investment Advisors is an Upper Saddle River, N.J.-based firm that is indirectly owned by SunTrust Banks Inc.
| Issuer: | Mountain View CLO XIV, Ltd./Mountain View CLO XIV, LLC
|
| Amount: | $404.66 million
|
| Maturity: | April 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Seix Investment Advisors LLC
|
| Call feature: | One year
|
| Pricing date: | March 19
|
| Settlement date: | March 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $17.6 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 671 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $3.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 870 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $33.16 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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