By Cristal Cody
Tupelo, Miss., Nov. 18 – Audax Management Co. (NY) LLC priced $481,035,000 of loans and notes due Oct. 22, 2029 in a CLO transaction backed by broadly syndicated and middle-market first-lien senior secured loans, according to informed sources.
Audax Senior Debt CLO II LLC sold $310 million of class A loans at Libor plus 190 basis points, $22 million of 3.53% class A fixed-rate notes, $34.25 million of class B deferrable floating-rate notes at Libor plus 395 bps, $19,325,000 of class C deferrable floating-rate note at Libor plus 490 bps and $95.46 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
The CLO has a 1.5-year non-call period and a two-year reinvestment period.
Audax Management Co. (NY) has priced two CLOs year to date.
The private equity firm is part of Boston-based middle-market investment firm Audax Group, Inc.
| Issuer: | Audax Senior Debt CLO II LLC
|
| Amount: | $481,035,000
|
| Maturity: | Oct. 22, 2029
|
| Securities: | Loans, fixed-rate notes, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Audax Management Co. (NY) LLC
|
| Call feature: | 1.5 years
|
| Pricing date: | Nov. 13
|
| Settlement date: | Nov. 26
|
|
|
| Class A loans
|
| Amount: | $310 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class A notes
|
| Amount: | $22 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.53%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $34.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $19,325,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | S&P: A
|
|
|
| Equity
|
| Amount: | $95.46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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