By Cristal Cody
Tupelo, Miss., Nov. 6 – Marathon Asset Management LP closed Friday on $403.2 million of notes due Nov. 15, 2031 in the manager’s first new issue collateralized loan obligation offering year to date, according to market sources.
Marathon CLO 2020-15 Ltd./Marathon CLO 2020-15 LLC priced $240 million of class A-1S floating-rate notes at Libor plus 170 basis points, $10 million of class A-1J floating-rate notes at Libor plus 217 bps, $40 million of class A-2A floating-rate notes at Libor plus 230 bps and $14 million of 2.9% class A-2B fixed-rate notes.
The CLO also sold $24 million of class B deferrable floating-rate notes at Libor plus 310 bps, $12 million of class C-1S deferrable floating-rate notes at Libor plus 489 bps, $12 million of class C-1J deferrable floating-rate notes at Libor plus 601 bps, $12 million of class D deferrable floating-rate notes at Libor plus 755 bps and $39.2 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed mostly by broadly syndicated first-lien senior secured corporate loans.
Marathon priced two new CLOs in 2019.
Marathon Asset Management is a global credit manager based in New York City.
| Issuer: | Marathon CLO 2020-15 Ltd./Marathon CLO 2020-15 LLC
|
| Amount: | $403.2 million
|
| Maturity: | Nov. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Marathon Asset Management LP
|
| Call feature: | One year
|
| Settlement date: | Nov. 6
|
|
|
| Class A-1S notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1J notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 217 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | $14 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.9%
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-1S notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 489 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class C-1J notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 601 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 755 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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