By Cristal Cody
Tupelo, Miss., Aug. 7 – Whitebox Capital Management, LLC priced $401.45 million of notes due July 24, 2032 in the debut Whitebox CLO I Ltd./Whitebox CLO I LLC transaction, according to a market source.
The CLO sold $43.56 million of class AN-A floating-rate notes (/AAA/AAA) at Libor plus 141 basis points; $249.28 million of class A-L loans (/AA/) at Libor plus 156 bps; $11.16 million of class AN-B floating-rate notes (/AA/) at Libor plus 215 bps; $22 million of class B deferrable floating-rate notes (/A/) at Libor plus 315 bps; $24 million of class C deferrable floating-rate notes (/BBB-/) at Libor plus 435 bps; $16 million of class D deferrable floating-rate notes (/BB-/) at Libor plus 745 bps and $35.45 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Whitebox Capital will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated senior secured loans.
Whitebox Capital Management is a subsidiary of Minneapolis-based alternative asset manager Whitebox Advisors LLC.
| Issuer: | Whitebox CLO I Ltd./Whitebox CLO I LLC
|
| Amount: | $401.45 million
|
| Maturity: | July 24, 2032
|
| Securities: | Loans and floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | MJX Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 22
|
|
|
| Class AN-A notes
|
| Amount: | $43.56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-L loans
|
| Amount: | $249.28 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 156 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-NB notes
|
| Amount: | $11.16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 745 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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