Columbia Management to price $513.5 million notes in Cent CLO 23 deal

By Cristal Cody

Tupelo, Miss., March 13 – Columbia Management Investment Advisors LLC plans to price $513.5 million of notes due April 17, 2026 in a collateralized loan obligation deal, according to a market source.

The Cent CLO 23 Ltd./Cent CLO 23 Corp. transaction includes $310 million of class A-1 floating-rate notes (/AAA/); $39 million of class A-2A floating-rate notes (/AA/); $30 million of class A-2B fixed-rate notes (/AA/); $34 million of class B deferrable floating-rate notes (/A/); $25 million of class C deferrable floating-rate notes (/BBB/); $22 million of class D deferrable floating-rate notes (/BB/); $10 million of class E deferrable floating-rate notes (/B/) and $43.5 million of subordinated notes.

BofA Merrill Lynch is the placement agent.

Columbia Management Investment Advisors will manage the CLO.

The CLO is non-callable until Oct. 17, 2016. The reinvestment period ends April 17, 2019.

The transaction is backed primarily by a revolving pool of broadly syndicated senior secured corporate loans.

Columbia Management, a Boston-based investment management firm, priced two CLO deals in 2014.

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