By Cristal Cody
Tupelo, Miss., Feb. 24 – Invesco RR Fund LP priced $460 million of notes due October 2030 in a refinancing of a vintage 2017 broadly syndicated collateralized loan obligation deal, according to market sources and a notice of executed supplemental indenture on Friday.
Milos CLO Ltd./Milos CLO LLC sold $325 million of class A-R senior secured floating-rate notes at Libor plus 107 bps, $55 million of class B-R senior secured floating-rate notes at Libor plus 155 bps, $27.5 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 190 bps, $30 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 275 bps and $22.5 million of class E-R deferrable junior floating-rate notes at Libor plus 615 bps.
Barclays was the refinancing placement agent.
Invesco RR Fund will continue to manage the CLO, which has an extended non-call period to Feb. 21, 2021 and an extended reinvestment period to the payment date in October 2022.
In the original $509.4 million offering of notes issued Sept. 14, 2017, the CLO sold $325 million of class A floating-rate notes at Libor plus 125 bps, $55 million of class B floating-rate notes at Libor plus 170 bps, $27.5 million of class C deferrable floating-rate notes at Libor plus 225 bps, $30 million of class D deferrable floating-rate notes at Libor plus 340 bps, $22.5 million of class E deferrable floating-rate notes at Libor plus 630 bps and $49.40 million of subordinated notes.
Proceeds were used to redeem the original notes.
The CLO is backed mostly by first-lien senior secured leveraged loans.
Invesco RR Fund is an affiliate of Invesco Senior Secured Management, Inc. and subsidiary of Atlanta-based Invesco, Ltd.
| Issuer: | Milos CLO Ltd./Milos CLO LLC
|
| Amount: | $460 million refinancing
|
| Maturity: | October 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Invesco RR Fund LP
|
| Call feature: | Feb. 21, 2021
|
| Pricing date: | Feb. 5
|
| Settlement date: | Feb. 21
|
|
|
| Class A-R notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Deferrable mezzanine secured floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable junior secured floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | Moody’s: Ba3
|
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