Chicago, June 10 – Canyon CLO Advisors LLC priced a new five-part CLO transaction for $501.3 million that also includes subordinated notes and lists Canyon CLO 2021-3 Ltd./Canyon CLO 2021-3 LLC as co-issuers, according to a pre-sale report.
The notes mature on July 15, 2034.
The transaction has $320 million of class A senior secured floating-rate notes at Libor plus 118 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 305 bps and $20 million of class E senior secured deferrable floating-rate notes at Libor plus 620 bps.
There are also $41.3 million of subordinated notes.
J.P. Morgan Securities LLC is the placement agent.
More than 90% of the collateral pool must be senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
For the five-year reinvestment period Canyon will select the collateral. The reinvestment period ends on July 15, 2026.
The notes can be called after June 29, 2023.
The alternative asset manager is based in Los Angeles.
| Issuers: | Canyon CLO 2021-3 Ltd./Canyon CLO 2021-3 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $501.3 million
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| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
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| Placement agent: | J.P. Morgan Securities LLC
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| Manager: | Canyon CLO Advisors LLC
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| Call feature: | June 29, 2023
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| Settlement date: | June 29
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
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|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 620 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $41.3 million
|
| Securities: | Subordinated notes
|
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