By Cristal Cody
Tupelo, Miss., March 8 – Carlyle Investment Management LLC priced $537.4 million of notes due Aug. 17, 2026 at par in a refinancing of a vintage 2014 broadly syndicated collateralized loan obligation transaction, according to a market source.
Carlyle Global Market Strategies CLO 2014-3 Ltd. sold $359.4 million of class A-1A-R floating-rate notes at Libor plus 115 basis points; $90 million of class A-2-R floating-rate notes at Libor plus 155 bps; $38 million of class B-R floating-rate notes at Libor plus 215 bps; $34 million of class C-1-R floating-rate notes at Libor plus 327 bps; $10 million of class C-2-R floating-rate notes at Libor plus 327 bps and $6 million of class D-2-R floating-rate notes at Libor plus 575 bps.
Morgan Stanley & Co. LLC arranged the refinancing.
Carlyle has refinanced three vintage U.S. CLOs year to date.
The asset management firm and affiliate of Washington, D.C.-based Carlyle Group priced four new U.S. CLOs and refinanced five vintage CLOs in 2016.
| Issuer: | Carlyle Global Market Strategies CLO 2014-3 Ltd.
|
| Amount: | $537.4 million refinancing
|
| Maturity: | Aug. 17, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Pricing date: | Feb. 24
|
|
|
| Class A-1A-R notes
|
| Amount: | $359.4 million
|
| Coupon: | Libor plus 115 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $90 million
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa1 expected
|
|
|
| Class B-R notes
|
| Amount: | $38 million
|
| Coupon: | Libor plus 215 bps
|
| Price: | Par
|
| Rating: | Moody’s: A1 expected
|
|
|
| Class C-1-R notes
|
| Amount: | $34 million
|
| Coupon: | Libor plus 327 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa2 expected
|
|
|
| Class C-2-R notes
|
| Amount: | $10 million
|
| Coupon: | Libor plus 327 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa2 expected
|
|
|
| Class D-2-R notes
|
| Amount: | $6 million
|
| Coupon: | Libor plus 575 bps
|
| Price: | Par
|
| Rating: | Moody’s: Ba2 expected
|
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