Chicago, June 7 – Canyon CLO Advisors LLC refinanced and extended the collateralized loan obligation transaction originally issued by Canyon CLO 2020-1 Ltd./Canyon CLO 2020-1 LLC for $602 million, according to a pre-sale report.
The extended maturity date is July 15, 2034, pushed out six years.
The refinancing tranches are the $88.2 million of class A-R senior secured floating-rate notes at Libor plus 118 basis points, $195.8 million of class A-L1 senior secured floating-rate loans at Libor plus 118 bps, $100 million of class A-L2 senior secured floating-rate notes at Libor plus 118 bps, $0 million of class A-L senior secured floating-rate notes at Libor plus 118 bps and $72 million of class B-R senior secured floating-rate notes at Libor plus 170 bps.
In the deferrable classes there are $36 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $36 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps and $24 million of class E-R senior secured deferrable floating-rate notes at Libor plus 635 bps.
Separately, there are $50 million of subordinated notes.
The original transaction included sold $240 million of class A floating-rate notes at Libor plus 192 bps, $58 million of class B floating-rate notes at Libor plus 275 bps and $20 million of class C deferrable floating-rate notes at Libor plus 378 bps in the offering.
The deal also included $23 million of class D deferrable floating-rate notes and $12.5 million of class E deferrable floating-rate notes in unfunded delayed draw tranches and $83 million of subordinated notes.
BofA Securities Inc. is the initial purchaser.
Canyon CLO is the collateral manager.
The collateral pool is mostly broadly syndicated speculative-grade senior secured term loans which can be reinvested through July 15, 2026.
There are two years of call protection.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuers: | Canyon CLO 2020-1 Ltd./Canyon CLO 2020-1 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $602 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
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| Placement agent: | BofA Securities Inc.
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| Manager: | Canyon CLO Advisors LLC
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| Call feature: | July 15, 2023
|
| Settlement date: | May 24
|
|
|
| Class A-R notes
|
| Amount: | $88.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L1 loans
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| Amount: | $195.8 million
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| Securities: | Senior secured floating-rate loans
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| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L2 notes
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| Amount: | $100 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L notes
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| Amount: | $0 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 315 bps
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| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $24 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 635 bps
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| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $50 million
|
| Securities: | Subordinated notes
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