By Cristal Cody
Tupelo, Miss., March 25 - Canyon Capital Advisors LLC sold $415.25 million of notes due April 30, 2025 in a collateralized loan obligation deal on Tuesday, according to an informed source.
Canyon Capital CLO 2014-1, Ltd./Canyon Capital CLO 2014-1, LLC priced $260 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 158 basis points.
Lower in the capital structure, the CLO sold $48 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 175 bps; $28 million of class B senior secured deferrable floating-rate notes (A2) at Libor plus 265 bps; $20 million of class C senior secured deferrable floating-rate notes (Baa3) at Libor plus 325 bps; $16 million of class D senior secured deferrable floating-rate notes (Ba3) at Libor plus 450 bps; $7 million of class E senior secured deferrable floating-rate notes (B2) at Libor plus 530 bps and $36.25 million of subordinated notes.
The equity tranche was upsized from $35.92 million.
Citigroup Global Markets Inc. arranged the deal.
Canyon Capital Advisors will manage the CLO, which is backed primarily by broadly syndicated first-lien senior secured loans and eligible investments.
The CLO has a two-year non-call period and a four-year reinvestment period.
Los Angeles-based alternative asset manager Canyon Capital Advisors was last in the primary market with a CLO deal in 2012 when it priced the $341.5 million Canyon Capital CLO 2012-1, Ltd. transaction.
| Issuer: | Canyon Capital CLO 2014-1, Ltd./Canyon Capital CLO 2014-1, LLC
|
| Amount: | $415.25 million
|
| Maturity: | April 30, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Canyon Capital Advisors LLC
|
| Call feature: | 2016
|
| Pricing date: | March 25
|
| Settlement date: | April 30
|
|
|
| Class A-1 notes
|
| Amount: | $260 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class E notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $36.25 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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