Westwood II & III

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Jeff Geifmandelete
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Date03/25/2020
Greenwich Coverage
E-teaser Status
CA Status
IOM Status
Term Sheet Status
Categories
  • Term Sheets Received
  • Executed Confidentiality Agreement Received
  • Detailed Discussions
  • Initial Discussions
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Investment Criteria
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
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DEAL TRACKING COMMENTS
DateComment
03/27/2020Memo sent -- pwitham
04/03/2020Under normal circumstances we would be all over this deal however, due to the current situation we are being extremely selective on future business. We are currently seeing spreads widen 100 + bps with LIBOR floors of 75 bps to 100 bps. Terms are 3 to 5 yrs maximum with lock-outs for the first 2 to 3 years. Based on the request below and the fact that Atlantic is not an existing client, we will have to take a pass on this deal. Given the situation is very fluid, we may look at this deal differently in the coming weeks. -- pwitham
07/31/2020Needs some more time but initial indication of terms are: would look at 5, 1, 1. Current pricing is L + 250 – 275 bps with a 50 to 75 bps floor, lock out for 3 years. We would need to have a cash sweep if the DY were to fall below a certain DY threshold. Need more financial information on the borrower. -- pwitham