By Cristal Cody
Tupelo, Miss., March 5 – Alcentra NY, LLC priced $407.5 million of notes due Aug. 15, 2030 in a refinancing of a vintage 2017 collateralized loan obligation deal, according to market sources.
Shackleton 2017-XI CLO, Ltd./Shackleton 2017-XI CLO LLC sold $320 million of class A-R senior secured floating-rate notes at Libor plus 109 basis points, $50.25 million of class B-R1 senior secured floating-rate notes at Libor plus 165 bps, $9.75 million of 3.02% class B-R2 secured fixed-rate notes and $27.5 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 215 bps.
BofA Securities, Inc. was the refinancing placement agent.
The CLO was originally issued on Aug. 8, 2017.
Proceeds were used to redeem the original notes.
The CLO is collateralized mainly by broadly syndicated first-lien senior secured loans.
The New York-based firm is part of BNY Alcentra Group Holdings, Inc.
| Issuer: | Shackleton 2017-XI CLO, Ltd./Shackleton 2017-XI CLO LLC
|
| Amount: | $407.5 million refinancing
|
| Maturity: | Aug. 15, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Securities, Inc.
|
| Manager: | Alcentra NY, LLC
|
| Pricing date: | Feb. 20
|
| Settlement date: | March 5
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R1 notes
|
| Amount: | $50.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R2 notes
|
| Amount: | $9.75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.02%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2
|
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