By Cristal Cody
Tupelo, Miss., March 14 – Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC priced $611.71 million of notes due April 20, 2031 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
Carlyle US CLO 2017-1 Ltd. sold $302.23 million of class A-1A floating-rate notes at Libor plus 130 basis points; $87.78 million of 1.23% class A-1B fixed-rate notes; $67 million of class A-2 floating-rate notes at Libor plus 165 bps; $32.5 million of class B floating-rate notes at Libor plus 225 bps; $38.5 million of class C floating-rate notes at Libor plus 350 bps; $24 million of class D floating-rate notes at Libor plus 600 bps and $59.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Carlyle CLO Management will manage the CLO, which has a two-year non-call period and a six-year reinvestment period.
The CLO is collateralized entirely by first-lien senior secured loans.
Proceeds from the deal will be used to purchase a portfolio of about $600 million of mostly senior secured leveraged loans.
Carlyle has priced one new CLO and refinanced three vintage CLOs year to date.
The asset management firm and affiliate of Washington, D.C.-based Carlyle Group priced four new U.S. CLOs and refinanced five vintage CLOs in 2016.
| Issuer: | Carlyle US CLO 2017-1 Ltd.
|
| Amount: | $611.71 million
|
| Maturity: | April 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 8
|
| Settlement date: | April 19
|
|
|
| Class A-1A notes
|
| Amount: | $302.23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $87.78 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.23%
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $67 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $59.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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