By Cristal Cody
Tupelo, Miss., Dec. 11 – Carlyle CLO Management LLC priced $609.3 million of notes due Jan. 20, 2031 in the Carlyle US CLO 2018-4 Ltd./Carlyle US CLO 2018-4 LLC broadly syndicated transaction, according to a market source.
The CLO sold $372 million of class A-1a senior secured floating-rate notes at Libor plus 117 basis points, $18 million of class A-1b senior secured floating-rate notes at Libor plus 150 bps and $66 million of class A-2 senior secured notes at Libor plus 175 bps.
Carlyle US CLO 2018-4 also priced $31 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 220 bps, $37.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 300 bps, $27.5 million of class D junior secured deferrable floating-rate notes at Libor plus 580 bps and $57.3 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Carlyle has priced four new dollar-denominated CLOs in 2018.
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 US CLO 2018-4 Ltd./Carlyle US CLO 2018-4 LLC
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Amount: | $609.3 million
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Maturity: | Jan. 20, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Carlyle CLO Management LLC
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Pricing date: | Nov. 30
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Settlement date: | Dec. 20
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Distribution: | Rule 144A, Regulation S
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Class A-1a notes
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Amount: | $372 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 117 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-1b notes
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Amount: | $18 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 150 bps
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Rating: | Moody’s: Aaa
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Class A-2 notes
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Amount: | $66 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody’s: Aa2
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|
Class B notes
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Amount: | $31 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | Moody’s: A2
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Class C notes
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Amount: | $37.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 300 bps
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Rating: | Moody’s: Baa3
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Class D notes
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Amount: | $27.5 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 580 bps
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Rating: | Moody’s: Ba3
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Equity
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Amount: | $57.3 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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