By Cristal Cody
Tupelo, Miss., July 24 – Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC refinanced $519,575,000 of notes due July 20, 2028 from the Carlyle Global Market Strategies CLO 2015-3 Ltd./Carlyle Global Market Strategies CLO 2015-3 LLC transaction, according to a notice of revised form of proposed supplemental indenture for refinancing redemption on Monday.
The CLO sold $362.25 million of class A-1-R senior secured floating-rate notes at Libor plus 100 basis points; $950,000 of class A-2-R senior secured floating-rate notes at Libor plus 160 bps; $27,475,000 of class B-R senior secured deferrable floating-rate notes at Libor plus 190 bps; $39 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 285 bps; $29,325,000 of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 520 bps; $11.5 million of class E-R junior secured deferrable floating-rate notes at Libor plus 825 bps and $49,075,000 of subordinated notes.
J.P. Morgan Securities, LLC was the refinancing placement agent.
The reset CLO will have an extended one-year non-call period and a two-year reinvestment period.
The original $589.59 million transaction was issued on Aug. 6, 2015.
In that deal, the CLO priced $262.25 million of class A-1 senior secured floating-rate notes at Libor plus 140 bps, $100 million of class A-1L loans at Libor plus 140 bps, $45.95 million of class A-2A senior secured floating-rate notes at Libor plus 200 bps and $25 million of 4.17% class A-2B senior secured fixed-rate notes.
The CLO also sold $27.48 million of class B senior secured deferrable floating-rate notes at Libor plus 270 bps; $39 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 355 bps; $29.33 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 570 bps; $11.5 million of class E junior secured deferrable floating-rate notes at Libor plus 735 bps and $49.08 million of subordinated notes.
Carlyle priced 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 Global Market Strategies CLO 2015-3 Ltd./Carlyle Global Market Strategies CLO 2015-3 LLC
|
| Amount: | $519,575,000 refinancing
|
| Maturity: | July 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities, LLC
|
| Manager: | Carlyle CLO Management LLC
|
| Call feature: | July 2019
|
| Notice date: | July 23
|
| Settlement date: | July 30
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $362.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $950,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
|
| Amount: | $27,475,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $39 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
|
| Amount: | $29,325,000
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-R notes
|
| Amount: | $11.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $49,075,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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