By Cristal Cody
Tupelo, Miss., Sept. 24 – Zais Group, LLC priced $297,239,000 of notes due Oct. 20, 2031 in a broadly syndicated collateralized loan obligation offering that closed on Thursday, according to market sources.
Zais CLO 16 Ltd./Zais CLO 16 LLC sold $90 million of class A-1 floating-rate notes at Libor plus 219 basis points, $50 million of class A-2 floating-rate notes at Libor plus 230 bps, $40 million of 2.477% class A-F fixed-rate notes and $7.5 million of class A-J floating-rate notes at Libor plus 250 bps.
The CLO priced $37.5 million of class B floating-rate notes at Libor plus 303 bps, $18 million of class C floating-rate notes at Libor plus 374 bps, $14.25 million of class D-1 floating-rate notes at Libor plus 548 bps, $6 million of class D-2 floating-rate notes at Libor plus 649 bps, $8.25 million of class E floating-rate notes at Libor plus 1,000 bps and $25,739,000 of subordinated notes.
Jefferies LLC was the placement agent.
Zais Leveraged Loan Master Manager, LLC will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The issue is backed by broadly syndicated first-lien senior secured corporate loans.
Zais has priced three new CLOs year to date.
The structured credit asset management firm is based in Red Bank, N.J.
| Issuer: | Zais CLO 16 Ltd./Zais CLO 16 LLC
|
| Amount: | $297,239,000
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Zais Leveraged Loan Master Manager, LLC
|
| Call feature: | One year
|
| Settlement date: | Sept. 24
|
|
|
| Class A-1 notes
|
| Amount: | $90 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 219 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-F notes
|
| Amount: | $40 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.477%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-J notes
|
| Amount: | $7.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $37.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 303 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 374 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $14.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 548 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 649 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $8.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 1,000 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $25,739,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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