Natixis Acts as Sole Lead Arranger for $800 million CLO
Largest middle market CLO debt issuance in 2014 and 1 of the largest CLOs in the last 5 years; Increased by $200 million
Natixis announced today that it acted as Sole Lead Arranger for an $800 million CLO for Fortress Credit Opportunities III CLO LP. The notes are backed by a revolving pool consisting primarily of US dollar-denominated middle-market senior secured loans.
Kevin Alexander, Global Head of Structured Credit & Solutions at Natixis, said, “Natixis was delighted to arrange, structure and place this CLO for a longtime client, Fortress Investment Group. We continue to foster a very strategic relationship with Fortress and we are pleased with the market reception of a unique transaction.”
Fortress Investment Group LLC (NYSE: “FIG”) is a leading, highly diversified global investment manager with approximately $61.8 billion of assets under management as of December 31, 2013.
The pricing details are as follows:
MANAGER: FCO III CLO GP LLC
ASSET TYPE: Primarily USD Senior Secured Loans
DEAL SIZE: $800 million
ARRANGER: Natixis Securities Americas LLC
|
Class |
Notional Amount ($) |
% of Amount Notional |
Rating (Moody's / S&P) |
Coupon |
|
A-1R |
100,000,000 |
12.50% |
Aaa(sf) / AAA(sf) |
CP + 2.00% |
|
A-1T |
228,000,000 |
28.50% |
Aaa(sf) / AAA(sf) |
3mL + 1.90% |
|
A-2T |
40,000,000 |
5.00% |
Aaa(sf) / AAA(sf) |
3mL + 1.65%* |
|
B-1 |
20,000,000 |
2.50% |
NR / AA(sf) |
3mL + 2.50% |
|
B-2 |
68,000,000 |
8.50% |
NR / AA(sf) |
4.985% |
|
C |
64,000,000 |
8.00% |
NR / A(sf) |
3mL + 3.25% |
|
D |
56,000,000 |
7.00% |
NR / BBB(sf) |
3mL + 4.25% |
|
E |
48,000,000 |
6.00% |
NR / BB(sf) |
3mL + 6.25% |
|
Equity |
176,000,000 |
22.00% |
NR |
|
|
Total |
800,000,000 |
100.00% |
|
|
NON CALL PERIOD: 2 years
REINVESTMENT PERIOD: 3.5 years
LEGAL FINAL MATURITY: 12 years
PRICE DATE: April 2, 2014
SETTLE DATE: April 28, 2014
PAYMENT FREQUENCY: Quarterly, starting on October 7, 2014
NOTES: Rule 144A / Reg S
*The spread over 3mL for the Class A-2T Notes will be (a) 1.65% from the Closing Date to but excluding the Quarterly Distribution Date in April 2016 and (b) unless a Re-Pricing has occurred, 2.25% thereafter.
PLEASE NOTE ANY DECISION TO INVEST IN THE SECURITIES DESCRIBED HEREIN SHOULD BE MADE AFTER REVIEWING THE FINAL OFFERING MEMORANDUM IN ITS ENTIRETY (INCLUDING THE RISK
FACTORS THEREIN) IN CONNECTION WITH SUCH SECURITIES, CONDUCTING SUCH INVESTIGATIONS AS THE
INVESTOR DEEMS NECESSARY AND CONSULTING THE INVESTOR’S OWN LEGAL, ACCOUNTING AND TAX ADVISORS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT IN THE SECURITIES.
Contacts
Daniel Wilson
Head of Press Relations and Social Media, Global Financial Services, Groupe BPCE
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About Groupe BPCE
Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 36 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset & wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The Group's financial strength is recognized by four financial rating agencies: Moody's (A1, stable outlook), Standard & Poor's (A, stable outlook), Fitch (A+, negative outlook) and R&I (A+, stable outlook).
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