By Cristal Cody
Tupelo, Miss., Aug. 14 – Carlyle CLO Management LLC priced $611.55 million of notes due Oct. 15, 2031 in the Carlyle U.S. CLO 2018-2 Ltd./Carlyle U.S. CLO 2018-2 LLC transaction, according to a market source.
The CLO sold $375 million of class A-1 floating-rate notes at Libor plus 109 basis points; $61.6 million of class A-2 floating-rate notes at Libor plus 160 bps; $55.4 million of class B deferrable floating-rate notes at Libor plus 205 bps; $33 million of class C deferrable floating-rate notes at Libor plus 290 bps; $27 million of class D deferrable floating-rate notes at Libor plus 525 bps and $59.55 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Carlyle has priced four new dollar-denominated CLOs year to date.
The CLO manager sold two new U.S. CLOs and refinanced five vintage U.S. CLOs in 2017.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle U.S. CLO 2018-2 Ltd./Carlyle U.S. CLO 2018-2 LLC
|
| Amount: | $611.55 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Carlyle CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | July 30
|
| Settlement date: | Sept. 5
|
|
|
| Class A-1 notes
|
| Amount: | $375 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $61.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $55.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $59.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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