By Cristal Cody
Tupelo, Miss., May 26 – Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC priced $613.45 million of notes due July 20, 2031 in its second new broadly syndicated collateralized loan obligation transaction of 2017, according to a market source.
Carlyle US CLO 2017-2 Ltd./Carlyle US CLO 2017-2 LLC sold $5 million of class X floating-rate notes at Libor plus 80 basis points; $104.5 million of class A-1A floating-rate notes at Libor plus 129 bps; $285.5 million of class A-1B floating-rate notes at Libor plus 122 bps; $54.7 million of class A-2A floating-rate notes at Libor plus 170 bps; $13.3 million of 3.793% class A-2B fixed-rate notes; $32 million of class B floating-rate notes at Libor plus 240 bps; $38 million of class C floating-rate notes at Libor plus 370 bps; $24 million of class D floating-rate notes at Libor plus 615 bps and $56.45 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Carlyle CLO Management will manage the CLO, which has a two-year non-call period and a six-year reinvestment period.
The CLO is collateralized primarily by first-lien senior secured loans.
Proceeds from the deal will be used to purchase a portfolio of about $600 million of mostly senior secured leveraged loans.
Carlyle has priced two new CLOs and refinanced three vintage 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 US CLO 2017-2 Ltd./Carlyle US CLO 2017-2 LLC
|
| Amount: | $613.45 million
|
| Maturity: | July 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | May 18
|
| Settlement date: | June 28
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-1A notes
|
| Amount: | $104.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | $285.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $54.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Non-rated
|
|
|
| Class A-2B notes
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| Amount: | $13.3 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.793%
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $32 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
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| Amount: | $38 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $56.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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