By Cristal Cody
Tupelo, Miss., April 9 – Mariner Investment Group, LLC priced a $405.9 million broadly syndicated collateralized loan obligation transaction, according to a market source.
Mariner CLO 7 Ltd./Mariner CLO 7 LLC sold $224 million of class A loans at Libor plus 150 basis points, $40 million of class A floating-rate notes at Libor plus 150 bps; $40 million of class B floating-rate notes at Libor plus 200 bps; $23 million of class C deferrable floating-rate notes at Libor plus 280 bps; $23.5 million of class D deferrable floating-rate notes at Libor plus 385 bps; $15.5 million of class E deferrable floating-rate notes at Libor plus 689 bps and $39.9 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The securities have an April 30, 2032 maturity, a two-year non-call period and a five-year reinvestment period.
The CLO manager was last in the primary market in 2018 with the Mariner CLO 6 Ltd./Mariner CLO 6 LLC transaction.
Mariner Investment Group is an alternative asset management firm based in New York City.
| Issuer: | Mariner CLO 7 Ltd./Mariner CLO 7 LLC
|
| Amount: | $405.9 million
|
| Maturity: | April 30, 2032
|
| Securities: | Loans, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Mariner Investment Group, LLC
|
| Call feature: | Two years
|
| Pricing date: | March 29
|
| Settlement date: | May 8
|
|
|
| Class A loans
|
| Amount: | $224 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: Non-rated
|
|
|
| Class A notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Moody’s: None expected
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Moody’s: None expected
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | $23.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Moody’s: None expected
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 689 bps
|
| Ratings: | Moody’s: Ba3 expected
|
| S&P: Non-rated
|
|
|
| Equity
|
| Amount: | $39.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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