Chicago, Jan. 21 – Morgan Stanley Investment Management Inc. subsidiary MS 522 CLO CM LLC refinanced $391.5 million of notes due April 22, 2030 in the 522 Funding CLO 2019-4(A), Ltd./522 Funding CLO 2019-4(A) LLC transaction, according to a market source.
The issuer repriced $290 million of class A-R senior secured floating-rate notes at Libor plus 108 basis points, $52 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $25.2 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 240 bps and $24.3 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 365 bps.
MS 522 CLO CM LLC is the collateral manger, formerly known as Assurant CLO Management, LLC.
The CLO still has a reinvestment period of one year and three months left.
A class of secured notes and one class of subordinated notes from the original portfolio will remain outstanding.
For the refinancing notes, the non-call period is being extended, benchmark replacement provisions have been added and there have been changes to the definition of “adjusted weighted average rating factor.”
Morgan Stanley Investment Management is a New York-based capital manager and subsidiary of financial products and services company Morgan Stanley.
| Issuer: | 522 Funding CLO 2019-4(A) Ltd./522 Funding CLO 2019-4(A) LLC
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| Amount: | $391.5 million refinancing
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| Maturity: | April 22, 2030
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Manager: | MS 522 CLO CM LLC
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| Announcement date: | Jan. 21
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|
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| Class A-R notes
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| Amount: | $290 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 108 bps
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| Ratings: | Moody’s: Aaa
|
|
|
| Class B-R notes
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| Amount: | $52 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 160 bps
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| Ratings: | Moody’s: Aa2
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|
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| Class C-R notes
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| Amount: | $25.2 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 240 bps
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| Ratings: | Moody’s: A2
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| Class D-R notes
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| Amount: | $24.3 million
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| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 365 bps
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| Ratings: | Moody’s: Baa3
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