Chicago, Jan. 29 – LCM Asset Management LLC sold $403.2 million of notes due April 20, 2032 in the new issue LCM 31 Ltd./LCM 31 LLC collateralized loan obligation deal, according to market sources.
The CLO priced $248 million of class A floating-rate notes at Libor plus 230 bps and $56 million of class B floating-rate notes at Libor plus 160 bps.
LCM 31 also sold $24 million of class C deferrable floating-rate notes at Libor plus 215 bps; $24 million of class D deferrable floating-rate notes at Libor plus 360 bps; $12 million of class E deferrable floating-rate notes at Libor plus 708 bps and $39.2 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
LCM Asset Management will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal is backed primarily by senior secured loans, cash and eligible investments.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
| Issuer: | LCM 31 Ltd./LCM 31 LLC
|
| Amount: | $403.2 million
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | LCM Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | Jan. 29
|
| Settlement date: | Feb. 3
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferable floating-rate notes
|
| Coupon: | Libor plus 708 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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