By Cristal Cody
Tupelo, Miss., Jan. 3 – Seix Investment Advisors LLC priced $406.4 million of 13-year notes in a new collateralized loan obligation offering, according to additional details of the previously reported deal from market sources.
Mountain View CLO XV, Ltd./Mountain View CLO XV, LLC sold $244 million of class A-1 floating-rate notes at Libor plus 140 basis points and $12 million of class A-2 floating-rate notes at Libor plus 190 bps.
The CLO placed $34 million of class B-1 floating-rate notes at Libor plus 215 bps and $14 million of 3.91% class B-2 fixed-rate notes.
Lower down the structure, Seix priced $20 million of class C deferrable floating-rate notes at Libor plus 310 bps, $23.8 million of class D deferrable floating-rate notes at Libor plus 437 bps and $20.2 million of class E deferrable floating-rate notes at Libor plus 788 bps.
The deal included $28.8 million of class A subordinated notes and $9.6 million of class B subordinated notes.
Goldman Sachs & Co. LLC was the structuring and placement agent.
The CLO transaction has a two-year non-call period and a five-year reinvestment period.
The offering is collateralized mainly by broadly syndicated senior secured corporate loans.
Seix Investment Advisors now manages eight CLOs with about $34 billion in assets.
The investment management company and affiliated manager of Virtus Investment Partners is based in Park Ridge, N.J.
Issuer: | Mountain View CLO XV, Ltd./Mountain View CLO XV, LLC
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Amount: | $406.4 million
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Maturity: | Jan. 15, 2033
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Goldman Sachs & Co. LLC
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Manager: | Seix Investment Advisors LLC
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Call feature: | Two years
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Pricing date: | Dec. 17
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Settlement date: | Jan. 24
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Class A-1 notes
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Amount: | $244 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 140 bps
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Ratings: | S&P: AAA
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Class A-2 notes
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Amount: | $12 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 190 bps
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Ratings: | S&P: AAA
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Class B-1 notes
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Amount: | $34 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 215 bps
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Ratings: | S&P: AA
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Class B-2 notes
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Amount: | $14 million
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Securities: | Fixed-rate notes
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Coupon: | 3.91%
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Ratings: | S&P: AA
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Class C notes
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Amount: | $20 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 310 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $23.8 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 437 bps
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Ratings: | S&P: BBB-
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Class E notes
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Amount: | $20.2 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 788 bps
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Ratings: | S&P: BB-
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Equity
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Amount: | $28.8 million
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Securities: | Class A subordinated notes
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Ratings: | Non-rated
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Equity
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Amount: | $9.6 million
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Securities: | Class B subordinated notes
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Ratings: | Non-rated
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