Chicago, July 29 – Pacific Investment Management Co. LLC sold $403.7 million of new collateralized obligation loan notes in an offering that lists Balboa Bay Loan Funding 2021-1 Ltd./Balboa Bay Loan Funding 2021-1 LLC as co-issuers, according to a pre-sale report.
The CLO matures July 20, 2034.
The notes include $244 million of class A senior secured floating-rate notes at Libor plus 120 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 165 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 305 bps and $12 million of class E senior secured deferrable floating-rate notes at Libor plus 616 bps.
There are also $39.7 million of subordinated notes.
Morgan Stanley & Co. LLC was the initial purchaser.
The notes can be called after July 20, 2023.
The reinvestment period ends July 20, 2026. Pimco is managing the collateral for the CLO. The notes are backed by syndicated speculative-grade senior secured term loans, for the most part.
Pacific Investment Management is an investment management firm based in Newport Beach, Calif.
| Issuer: | Balboa Bay Loan Funding 2021-1 Ltd./Balboa Bay Loan Funding 2021-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $403.7 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Pacific Investment Management Co. LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | June 24
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 616 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.7 million
|
| Securities: | Subordinated notes
|
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