By Cristal Cody
Tupelo, Miss., Nov. 9 – Symphony Asset Management LLC sold $14.4 million of notes due Oct. 15, 2031 in a partial second refinancing of the vintage Symphony CLO XVI Ltd. transaction, according to a market source.
The CLO sold $3 million of class B-2RR senior floating-rate notes at Libor plus 240 basis points.
Symphony priced $11.4 million of 2.97% class B-3RR senior fixed-rate notes.
The CLO was originally issued on July 15, 2015 and was first refinanced on Sept. 10, 2018.
In the first refinancing, $14.4 million of class B-2R senior fixed-rate notes priced with a 4.59% coupon.
MUFG was the refinancing agent.
The CLO notes are collateralized primarily by broadly syndicated senior secured corporate loans.
Proceeds were used to redeem the class B-2R notes.
Symphony Asset Management is a San Francisco-based asset management firm.
Issuer: | Symphony CLO XVI Ltd.
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Amount: | $14.4 million refinancing
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Maturity: | Oct. 15, 2031
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Securities: | Fixed- and floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | MUFG
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Manager: | Symphony Asset Management LLC
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Settlement date: | Nov. 6
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Class B-2RR notes
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Amount: | $3 million
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Securities: | Senior floating-rate notes
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Coupon: | Libor plus 240 bps
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Ratings: | Moody’s: Aa2
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Class B-3RR notes
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Amount: | $11.4 million
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Securities: | Senior fixed-rate notes
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Coupon: | 2.97%
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Ratings: | Moody’s: Aa2
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