Chicago, June 2 – Carlyle CLO Management LLC refinanced and extended the collateralized loan obligation deal originally issued by Carlyle Global Market Strategies CLO 2016-1, Ltd./Carlyle Global Market Strategies CLO 2016-1 LLC, according to a pre-sale report.
The notes mature on April 20, 2034, extended from April 20, 2027.
The transaction was originally managed by Carlyle Investment Management LLC.
The revised notes are the $3.65 million of class X-R2 senior secured floating-rate notes at Libor plus 95 basis points, $226.3 million of class A-1-R2 senior secured floating-rate notes at Libor plus 114 bps, $48.7 million of class A-2-R2 senior secured floating-rate notes at Libor plus 165 bps, $22.2 million of class B-R2 senior secured deferrable floating-rate notes at Libor plus 205 bps, $20.9 million of class C-R2 senior secured deferrable floating-rate notes at Libor plus 335 bps, $12.1 million of class D-R2 senior secured deferrable floating-rate notes at Libor plus 660 bps and $6.25 million of class E-R2 senior secured deferrable floating-rate notes at Libor plus 860 bps.
There are also $36.75 million of subordinated notes.
Originally, the portfolio had $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 is the placement agent, as it was in the original transaction.
The reinvestment period is five years.
Carlyle CLO will select the portfolio of primarily senior secured term loans during that time.
The CLO has two years of call protection.
The asset management firm is a wholly owned subsidiary of the Washington, D.C.-based Carlyle Group.
| Issuers: | Carlyle Global Market Strategies CLO 2016-1, Ltd./Carlyle Global Market Strategies CLO 2016-1 LLC
|
| Issue: | Floating-rate and subordinated notes
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| Amount: | $376.85 million
|
| Maturity: | April 20, 2034
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| Structure: | Cash flow CLO
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| Placement agent: | J.P. Morgan Securities LLC
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| Manager: | Carlyle CLO Management LLC
|
| Call feature: | April 20, 2023
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| Settlement date: | May 13
|
|
|
| Class X-R2 notes
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| Amount: | $3.65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R2 notes
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| Amount: | $226.3 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 114 bps
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| Rating: | S&P: AAA
|
|
|
| Class A-2-R2 notes
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| Amount: | $48.7 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R2 notes
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| Amount: | $22.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R2 notes
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| Amount: | $20.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R2 notes
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| Amount: | $12.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Class E-R2 notes
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| Amount: | $6.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 860 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
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| Amount: | $36.75 million
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| Securities: | Subordinated notes
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