By Cristal Cody
Tupelo, Miss., Nov. 3 – Silver Rock Management LLC issued $347.55 million of notes due Oct. 20, 2031 in the company’s first broadly syndicated collateralized loan obligation transaction on Tuesday, according to market sources.
Silver Rock CLO I, Ltd./Silver Rock CLO I, LLC sold $210 million of class A floating-rate notes at Libor plus 165 basis points, $56 million of class B floating-rate notes at Libor plus 230 bps, $19.25 million of class C deferrable floating-rate notes at Libor plus 285 bps, $21 million of class D deferrable floating-rate notes at Libor plus 450 bps, $11.2 million of class E deferrable floating-rate notes at Libor plus 851 bps and $30.1 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period and is backed mainly by broadly syndicated senior secured loans.
Silver Rock Management is a subsidiary of Los Angeles-based Silver Rock Financial LP.
| Issuer: | Silver Rock CLO I, Ltd./Silver Rock CLO I, LLC
|
| Amount: | $347.55 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Oct. 20, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Silver Rock Management LLC
|
| Call feature: | One year
|
| Settlement date: | Nov. 3
|
|
|
| Class A notes
|
| Amount: | $210 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 851 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $30.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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