By Cristal Cody
Eureka Springs, Ark., Aug. 22 – Carlyle Investment Management LLC priced $556.4 million of notes due Oct. 4, 2028 at par in a reset refinancing transaction of its Carlyle Global Market Strategies CLO 2012-3, Ltd./Carlyle Global Market Strategies CLO 2012-3 LLC deal, according to a market source.
The CLO priced $391.5 million of class A-1-R senior secured floating-rate notes at Libor plus 145 basis points; $52.5 million of class A-2-R senior secured floating-rate notes at Libor plus 185 bps; $49.9 million of class B-R senior secured deferrable floating-rate notes at Libor plus 250 bps; $29.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 410 bps and $33 million of class D-R senior secured deferrable floating-rate notes at Libor plus 745 bps.
Citigroup Global Markets Inc. was the refinancing agent.
The CLO originally sold $391.5 million of class A-1 notes at Libor plus 141 bps; $52.5 million of class A-2 notes at Libor plus 225 bps; $49.9 million of class B notes at Libor plus 350 bps; $29.5 million of class C notes at Libor plus 450 bps; $33 million of class D notes at Libor plus 550 bps and $59.5 million of subordinated notes.
The maturity on the refinanced notes was extended from the deal’s original maturity of Oct. 4, 2024.
Proceeds from the transaction will be used to redeem the original notes.
Carlyle Investment Management has refinanced tranches from three vintage CLOs and priced three new U.S. CLO deals year to date.
The asset management firm, an affiliate of the Washington, D.C.-based Carlyle Group, priced five U.S. broadly syndicated CLO transactions and one middle-market CLO offering in 2015.
| Issuer: | Carlyle Global Market Strategies CLO 2012-3, Ltd./Carlyle Global Market Strategies CLO 2012-3 LLC
|
| Amount: | $556.4 million refinancing
|
| Maturity: | Oct. 4, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle Investment Management LLC
|
| Pricing date: | Aug. 18
|
|
|
| Class A-1-R notes
|
| Amount: | $391.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $52.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
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| Amount: | $49.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
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| Amount: | $29.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 410 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
|
|
| Class D-R notes
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| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 745 bps
|
| Price: | Par
|
| Rating: | S&P: BB
|
|
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