Chicago, June 2 – LCM Euro LLC sold $509.6 million of notes due July 20, 2034 issued by LCM 32 Ltd./LCM 32 LLC in a collateralized loan obligation transaction, according to a pre-sale report.
In the portfolio, there are $304.4 million of class A-1 senior secured floating-rate notes at Libor plus 111 basis points, $15 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps, $59.8 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 220 bps, $29.9 million of class D senior secured deferrable floating-rate notes at Libor plus 340 bps and $17.5 million of class E senior secured deferrable floating-rate notes at Libor plus 639 bps.
There are also $53 million of subordinated notes.
LCM Euro will choose the underlying portfolio, primarily senior secured loans, cash and eligible investments, for the five-year reinvestment period.
There are two years of call protection.
Natixis Securities Americas LLC was the placement agent.
The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.
Issuers: | LCM 32 Ltd./LCM 32 LLC
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Issue: | Floating-rate and subordinated notes
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Amount: | $509.6 million
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Maturity: | July 20, 2034
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Structure: | Cash flow CLO
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Placement agent: | Natixis Securities Americas LLC
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Manager: | LCM Euro LLC
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Call feature: | July 20, 2023
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Settlement date: | May 27
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Class A-1 notes
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Amount: | $304.4 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 111 bps
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Rating: | Moody’s: Aaa
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| S&P: AAA
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|
Class A-2 notes
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Amount: | $15 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 140 bps
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Rating: | Moody’s: Aaa
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|
Class B notes
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Amount: | $59.8 million
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Securities: | Senior secured floating-rate notes
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Coupon: Libor plus 170 bps
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Rating: | S&P: AA
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|
Class C notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $29.9 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 340 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $17.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 639 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $53 million
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Securities: | Subordinated notes
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