By Cristal Cody
Tupelo, Miss., Dec. 21 – Symphony Asset Management LLC priced $504.5 million of broadly syndicated collateralized loan obligation notes in the Symphony Credit Opportunities Fund CLO 2 Ltd. transaction, according to a market source.
The CLO sold $260 million of class A floating-rate notes at Libor plus 165 basis points; $53.5 million of class B floating-rate notes at Libor plus 255 bps; $26.75 million of class C floating-rate notes at Libor plus 350 bps; a $32.25 million slice of class D floating-rate notes at Libor plus 489 bps; $25 million of class E floating-rate notes at Libor plus 680 bps and $50 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Symphony Asset Management will manage the CLO.
Symphony Asset Management has priced one CLO offering and refinanced one vintage CLO deal over the year.
The San Francisco-based asset management firm brought two CLO transactions to market in 2014.
| Issuer: | Symphony Credit Opportunities Fund CLO 2 Ltd.
|
| Amount: | $504.5 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Asset Management LLC
|
| Pricing date: | Dec. 14
|
|
|
| Class A notes
|
| Amount: | $317 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $53.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $26.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $32.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 489 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
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| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | Moody’s: Ba2 expected
|
|
|
| Equity
|
| Amount: | $50 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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