By Cristal Cody
Tupelo, Miss., Feb. 27 – Saranac Advisory, Ltd. affiliate Saranac CLO Management, LLC closed Thursday on a new $347.5 million broadly syndicated collateralized loan obligation, according to market sources.
Saranac CLO VIII Ltd./Saranac CLO VIII LLC sold $39 million of class A-N senior secured floating-rate notes at Libor plus 135 basis points, $160 million of class A loans at Libor plus 135 bps, $25 million of 2.8% class A-F senior secured fixed-rate notes and $38.5 million of class B-R senior secured floating-rate notes at Libor plus 205 bps.
The CLO sold $14.5 million of class C-N secured deferrable floating-rate notes at Libor plus 280 bps; $5 million of 4.33% class C-F secured deferrable fixed-rate notes, $21 million of class D secured deferrable floating-rate notes at Libor plus 395 bps, $19 million of class E secured deferrable floating-rate notes at Libor plus 812 bps and $25.5 of income notes.
Jefferies LLC was the placement agent.
The notes are due in 2033, and the CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
Saranac is an affiliate of Canaras Capital Management, LLC, a New York City-based investment management firm.
| Issuer: | Saranac CLO VIII Ltd./Saranac CLO VIII LLC
|
| Amount: | $347.5 million
|
| Maturity: | 2033
|
| Securities: | Fixed-rate, floating-rate and income notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | Saranac CLO Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 27
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-N notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A loans
|
| Amount: | $160 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-F notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.8%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $38.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-N notes
|
| Amount: | $14.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-F notes
|
| Amount: | $5 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 4.33%
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 812 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $25.5 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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