By Cristal Cody
Eureka Springs, Ark., Oct. 5 – Canyon CLO Advisors LLC priced $302.5 million of notes due Jan. 15, 2026 in a refinancing of a vintage collateralized loan obligation offering, according to a market source.
Canyon Capital CLO 2012-1, Ltd./Canyon Capital CLO 2016-2, LLC sold $213.75 million of class A-R floating-rate notes at Libor plus 143 basis points; $36.25 million of class B-1-R floating-rate notes at Libor plus 190 bps; $24 million of class C-R floating-rate notes at Libor plus 250 bps; $14.5 million of class D-R floating-rate notes at Libor plus 410 bps and $14 million of class E-R floating-rate notes at Libor plus 750 bps.
J.P. Morgan Securities LLC was the refinancing agent.
Canyon CLO Advisors is the CLO manager.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Canyon CLO Advisors has priced two CLO deals and refinanced one vintage CLO offering year to date.
The Los Angeles-based firm is a subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon Capital CLO 2012-1, Ltd./Canyon Capital CLO 2016-2, LLC
|
| Amount: | $302.5 million refinancing
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Canyon CLO Advisors LLC
|
| Pricing date: | Sept. 27
|
|
|
| Class A-R notes
|
| Amount: | $213.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA expected
|
|
|
| Class B-R notes
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| Amount: | $36.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
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| Amount: | $14.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB expected
|
|
|
| Class E-R notes
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| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | S&P: BB expected
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