By Cristal Cody
Tupelo, Miss., Feb. 24 – Symphony Asset Management LLC sold $522 million of notes due Oct. 19, 2026 at par in a refinancing of the Symphony CLO XV, Ltd. collateralized loan obligation transaction that originally priced in 2014, according to a market source.
The CLO priced $378 million of class A-R floating-rate notes at Libor plus 118 basis points; $63 million of class B-1-R floating-rate notes at Libor plus 155 bps; $15 million of 3.55% class B-2-R fixed-rate notes; $33 million of class C-R floating-rate notes at Libor plus 220 bps and $33 million of class D-R floating-rate notes at Libor plus 335 bps.
Credit Suisse Securities (USA) LLC arranged the transaction.
Symphony Asset Management will continue to manage the CLO.
The CLO manager priced three CLO deals and refinanced one vintage CLO in 2016.
The asset management firm is based in San Francisco.
| Issuer: | Symphony CLO XV, Ltd.
|
| Amount: | $522 million refinancing
|
| Maturity: | Oct. 19, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Symphony Asset Management LLC
|
| Pricing date: | Feb. 16
|
|
|
| Class A-R notes
|
| Amount: | $378 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1-R notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2-R notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.55%
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
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