By Cristal Cody
Eureka Springs, Ark., March 22 – Carlyle Investment Management LLC sold $402.9 million of notes due April 20, 2027 in a U.S. collateralized loan obligation deal, according to a market source.
Carlyle Global Market Strategies CLO 2016-1, Ltd./Carlyle Global Market Strategies CLO 2016-1 LLC priced $246.4 million of class A-1 senior secured floating-rate notes at Libor plus 158 basis points; $56.8 million of class A-2 senior secured floating-rate notes at Libor plus 235 bps; $28.8 million of class B senior secured deferrable floating-rate notes at Libor plus 330 bps; $17.6 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 490 bps; $18.4 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 760 bps and $34.9 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Carlyle Investment Management will manage the CLO.
The CLO is non-callable until April 20, 2018. The reinvestment period ends on Oct. 20 2020.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Carlyle Investment Management was in the primary market in 2015 with five U.S. broadly syndicated CLO deals and one middle-market CLO offering.
The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2016-1, Ltd./Carlyle Global Market Strategies CLO 2016-1 LLC
|
| Amount: | $402.9 million
|
| Maturity: | April 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | April 20, 2018
|
| Pricing date: | March 15
|
| Settlement date: | April 15
|
|
|
| Class A-1 notes
|
| Amount: | $246.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $56.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $28.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $17.6 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Rating: | Standard & Poor’s: BBB-
|
|
|
| Class D notes
|
| Amount: | $18.4 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Rating: | Standard & Poor’s: BB-
|
|
|
| Equity
|
| Amount: | $34.9 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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