By Cristal Cody
Tupelo, Miss., Jan. 23 – York CLO Managed Holdings, LLC priced $402.8 million of notes due Jan. 22, 2033 in the manager’s first broadly syndicated collateralized loan obligation to be issued in 2020, according to market sources.
York CLO-7 Ltd./York CLO-7 LLC sold $230.5 million of class A-1 floating-rate notes at Libor plus 137 basis points and $25.5 million of 3.149% class A-2 fixed-rate notes.
The CLO also priced $23 million of class B-1 floating-rate notes at Libor plus 185 bps and $23 million of 3.734% class B-2 fixed-rate notes.
York CLO sold $26 million of class C deferrable floating-rate notes at Libor plus 275 bps, $20 million of class D deferrable floating-rate notes at Libor plus 380 bps, $18 million of class E deferrable floating-rate notes at Libor plus 694 bps and $36.8 million of subordinated notes.
Barclays was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by senior secured loans.
The New York City-based firm is a subsidiary of York Capital Management Global Advisors, LLC.
| Issuer: | York CLO-7 Ltd./York CLO-7 LLC
|
| Amount: | $402.8 million
|
| Maturity: | Jan. 22, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | York CLO Managed Holdings, LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 20
|
| Settlement date: | Jan. 28
|
|
|
| Class A-1 notes
|
| Amount: | $230.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.149%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $23 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.734%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 694 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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