By Cristal Cody
Tupelo, Miss., Aug. 27 – Carlyle CLO Management LLC priced $499.4 million of notes due July 2031 in a new broadly syndicated collateralized loan obligation offering that closed on Thursday, according to market sources.
Carlyle US CLO 2020-1, Ltd./Carlyle US CLO 2020-1 LLC priced $300 million of class A-1 senior secured floating-rate notes at Libor plus 164 basis points and $80 million of class A-2 senior secured floating-rate notes at Libor plus 220 bps.
Also, $20 million of class B-1 mezzanine secured deferrable floating-rate notes priced at Libor plus 270 bps, while $10 million of class B-2 mezzanine secured deferrable floating-rate notes were sold at Libor plus 315 bps.
The CLO also brought $15 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 400 bps, $10 million of class C-2 mezzanine secured deferrable floating-rate notes at Libor plus 510 bps, $17.5 million of class D junior secured deferrable floating-rate notes at Libor plus 779 bps and $46.9 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO is backed primarily by first-lien senior secured corporate loans.
The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle US CLO 2020-1, Ltd./Carlyle US CLO 2020-1 LLC
|
| Amount: | $499.4 million
|
| Maturity: | July 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle CLO Management LLC
|
| Settlement date: | Aug. 27
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 164 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $80 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-1 notes
|
| Amount: | $20 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: A+
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $15 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 779 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $46.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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