By Cady Vishniac
Detroit, Jan. 20 – Symphony Asset Management LLC priced $405.2 million of notes due Jan. 23, 2032 with its Symphony CLO XXIV Ltd./Symphony CLO XXIV LLC transaction, according to a market source.
The CLO sold $1 million of class X floating-rate notes at Libor plus 80 basis points, $252 million of class A floating-rate notes at Libor plus 120 bps, $52 million of class B floating-rate notes at Libor plus 165 bps, $24 million of class C deferrable floating-rate notes at Libor plus 225 bps, $24 million of class D deferrable floating-rate notes at Libor plus 340 bps, $13 million of class E deferrable floating-rate notes at Libor plus 700 bps and $39.2 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO notes are collateralized primarily by broadly syndicated speculative-grade senior secured term loans.
The notes have a reinvestment period of three years and are noncallable for one year.
Symphony Asset Management is a San Francisco-based asset management firm.
| Issuer: | Symphony CLO XXIV Ltd./Symphony CLO XXIV LLC
|
| Amount: | $405.2 million
|
| Maturity: | Jan. 23, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Symphony Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | Jan. 19
|
| Effective date: | Jan. 23
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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