Chicago, March 24 – Marble Point CLO Management LLC sold $507.15 million in a collateralized loan obligation being issued by Marble Point CLO XXIV Ltd./Marble Point CLO XXIV LLC, according to pre-sale reports.
The notes will mature on April 20, 2035.
The CLO consists of $315 million of class A-1 senior floating-rate notes at SOFR plus 138 basis points, $5 million of class A-2a senior floating-rate notes at SOFR plus 160 bps, $5 million of class A-2b 3.14% senior fixed-rate notes, $55 million of class B senior floating-rate notes at SOFR plus 205 bps, $20 million of class C-1 mezzanine deferrable floating-rate notes at SOFR plus 250 bps, $10 million of class C-2 4.03% mezzanine deferrable fixed-rate notes, $15 million of class D-1 mezzanine deferrable floating-rate notes at SOFR plus 424 bps, $10 million of class D-2a mezzanine deferrable floating-rate notes at SOFR plus 368 bps, $5 million of class D-2b mezzanine deferrable floating-rate notes at SOFR plus 532 bps, $20 million of class E junior floating-rate notes at SOFR plus 818 bps and $47.15 million of subordinated notes.
Marble Point CLO Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of speculative-grade senior secured corporate loans.
The notes can be called starting March 30, 2024.
Citigroup Global Markets Inc. was the placement agent.
Marble Point CLO Management is part of Greenwich, Conn.-based alternative asset manager Marble Point Credit Management LLC.
| Issuer: | Marble Point CLO XXIV Ltd./Marble Point CLO XXIV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $507.15 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Marble Point CLO Management LLC
|
| Call feature: | March 30, 2024
|
| Settlement date: | March 30
|
|
|
| Class A-1 notes
|
| Amount: | $315 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 138 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2a notes
|
| Amount: | $5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2b notes
|
| Amount: | $5 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 3.14%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Mezzanine deferrable fixed-rate notes
|
| Coupon: | 4.03%
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $15 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 424 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2a notes
|
| Amount: | $10 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 368 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2b notes
|
| Amount: | $5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | SOFR plus 532 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Junior floating-rate notes
|
| Coupon: | SOFR plus 818 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $47.15 million
|
| Securities: | Subordinated notes
|
|
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