By Cristal Cody
Tupelo, Miss., July 14 – Kayne Anderson Capital Advisors, LP priced $292,575,000 of notes due July 15, 2031 in the manager’s second broadly syndicated collateralized loan obligation transaction of 2020, according to a market source.
Kayne CLO 8 Ltd./Kayne CLO 8 LLC sold $155 million of class A-1 floating-rate notes at Libor plus 170 basis points, $25 million of 2% class A-2 fixed-rate notes and $48 million of class B floating-rate notes at Libor plus 225 bps.
The CLO also priced $16.5 million of class C floating-rate notes at Libor plus 280 bps, $16.5 million of class D floating-rate notes at Libor plus 415 bps, $9 million of class E floating-rate notes at Libor plus 715 bps and $22,575,000 of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The issue has a one-year non-call period and a three-year reinvestment period.
The CLO is backed mainly by broadly syndicated first lien senior secured corporate loans.
Kayne Anderson has priced two new broadly syndicated CLOs year to date.
The alternative asset management firm is based in Los Angeles.
| Issuer: | Kayne CLO 8 Ltd./Kayne CLO 8 LLC
|
| Amount: | $292,575,000
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | July 15, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Kayne Anderson Capital Advisors, LP
|
| Call feature: | One year
|
| Settlement date: | July 29
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $155 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $16.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $16.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 715 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $22,575,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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