By Cristal Cody
Tupelo, Miss., March 9 – ArrowMark Colorado Holdings LLC sold $504.5 million of notes due April 15, 2033 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Elevation CLO 2020-11, Ltd./Elevation CLO 2020-11 LLC priced $320 million of class A floating-rate notes at Libor plus 132 basis points and $60 million of class B floating-rate notes at Libor plus 165 bps.
The CLO sold $30 million of class C deferrable floating-rate notes at Libor plus 220 bps, $27.5 million of class D-1 deferrable floating-rate notes at Libor plus 385 bps, $5 million of class D-2 deferrable floating-rate notes at Libor plus 435 bps, $15 million of class E deferrable floating-rate notes at Libor plus 752 bps and $47 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
ArrowMark Colorado Holdings will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is backed primarily by broadly syndicated first lien senior secured corporate loans.
The investment management firm is based in Denver.
| Issuer: | Elevation CLO 2020-11, Ltd./Elevation CLO 2020-11 LLC
|
| Amount: | $504.5 million
|
| Maturity: | April 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | ArrowMark Colorado Holdings LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 21
|
| Settlement date: | March 30
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 752 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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