By Cristal Cody
Tupelo, Miss., Sept. 4 – Whitebox Capital Management, LLC priced $404.4 million of notes due Oct. 24, 2031 in the manager’s second broadly syndicated collateralized loan obligation transaction, according to market sources.
Whitebox CLO II Ltd./Whitebox CLO II LLC sold $240 million of class A-1 floating-rate notes at Libor plus 175 basis points; $10 million of class A-2 floating-rate notes at Libor plus 195 bps; $54 million of class B floating-rate notes at Libor plus 225 bps; $24 million of class C floating-rate notes at Libor plus 280 bps; $20 million of class D floating-rate notes at Libor plus 415 bps; $14 million of class E floating-rate notes at Libor plus 785 bps and $42.4 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized primarily by broadly syndicated senior secured loans.
Whitebox Capital issued its debut CLO offering on Aug. 22, 2019.
The CLO manager is a subsidiary of Minneapolis-based alternative asset manager Whitebox Advisors LLC.
| Issuer: | Whitebox CLO II Ltd./Whitebox CLO II LLC
|
| Amount: | $404.4 million
|
| Maturity: | Oct. 24, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Whitebox Capital Management, LLC
|
| Call feature: | One year
|
| Settlement date: | Sept. 24
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 785 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $42.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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