By Cristal Cody
Tupelo, Miss., March 28 – Carlyle CLO Management LLC priced $602.7 million of notes due April 21, 2031 in the Carlyle US CLO 2019-1 Ltd./Carlyle US CLO 2019-1 LLC transaction that closes in April, according to a market source.
The CLO sold $372 million of class A-1a senior secured floating-rate notes at Libor plus 132 basis points, $18 million of class A-1b senior secured floating-rate notes at Libor plus 160 bps and $66 million of class A-2 senior secured floating-rate notes at Libor plus 185 bps.
Carlyle US CLO also priced $26.5 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 265 bps, $36.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 370 bps, $33 million of class D junior secured deferrable floating-rate notes at Libor plus 670 bps and $50.7 million of subordinated notes.
Citigroup Global Markets Inc. 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 priced four dollar-denominated broadly syndicated CLOs in 2018.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
Issuer: | Carlyle US CLO 2019-1 Ltd./Carlyle US CLO 2019-1 LLC
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Amount: | $602.7 million
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Maturity: | April 21, 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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Call feature: | Two years
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Pricing date: | Feb. 21
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Settlement date: | April 1
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Distribution: | Rule 144A and 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 132 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 160 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 185 bps
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Rating: | Moody’s: Aa2
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|
Class B notes
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Amount: | $26.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 265 bps
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Rating: | Moody’s: A2
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Class C notes
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Amount: | $36.5 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 370 bps
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Rating: | Moody’s: Baa3
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Class D notes
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Amount: | $33 million
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Securities: | Junior secured deferrable floating-rate notes
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Coupon: | Libor plus 670 bps
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Rating: | Moody’s: Ba3
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Equity
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Amount: | $50.7 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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