Chicago, March 10 – Brigade Capital Management, LLC is refinancing for the second time, and extending, the Battalion CLO X Ltd./Battalion CLO X LLC collateralized loan obligation offering, according to a pre-sale report.
The maturity date on the $408.51 million CLO is being extended to Jan. 25, 2035 from Jan. 24, 2029.
The CLO now has $256.41 million of class A-1-R2 senior floating-rate notes at Libor plus 117 basis points (previously 125 bps), $52.91 million of class A-2-R2 senior floating-rate notes at Libor plus 155 bps (previously 180 bps), $24.42 million of class B-R2 senior deferrable floating-rate notes at Libor plus 205 bps (previously 250 bps), $24.42 million of class C-R2 senior deferrable floating-rate notes at Libor plus 345 bps (previously 345 bps) and $14.25 million of class D-R2 senior deferrable floating-rate notes at Libor plus 661 bps (previously 665 bps).
There are also $36.1 million of subordinated notes.
Brigade Capital Management will manage the collateral through the reinvestment period end date on Jan. 25, 2026.
Collateral needs to be primarily senior secured loans, cash and eligible investments with 95% of borrowers based in the United States or Canada.
The notes cannot be called before Jan. 25, 2023.
Morgan Stanley & Co. LLC is the initial purchaser.
| Issuers: | Battalion CLO X Ltd./Battalion CLO X LLC
|
| Amount: | $408.51 million
|
| Maturity: | Jan. 25, 2035
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Brigade Capital Management, LLC
|
| Call: | Jan. 25, 2023
|
| Pricing date: | March 8
|
| Settlement date: | March 10
|
|
|
| Class A-1-R2 notes
|
| Amount: | $256.41 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R2 notes
|
| Amount: | $52.91 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R2 notes
|
| Amount: | $24.42 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R2 notes
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| Amount: | $24.42 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-R2 notes
|
| Amount: | $14.25 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 661 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.1 million
|
| Securities: | Subordinated notes
|
|
|
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