By Rebecca Melvin
New York, Jan. 3 – Symphony Asset Management LLC sold $640.5 million of notes due Jan. 17, 2032 in a refinancing of the Symphony CLO XV Ltd. collateralized loan obligation transaction that originally priced in November 2014, according to a market source.
The CLO priced $6 million of X-R2 floating-rate notes at Libor plus 70 basis points, $384 million of class A-R2 floating-rate notes at Libor plus 126 bps; $58 million of class B-1-R2 floating-rate notes at Libor plus 195 bps; $14 million of 4.808% class B-2-R2 fixed-rate notes; $36 million of class C-R2 floating-rate notes at Libor plus 260 bps, $34.5 million of class D-R2 floating-rate notes at Libor plus 400 bps, $25.5 million of class E-R2 floating-rate notes at Libor plus 633 bps, $12 million of class F-R2 floating-rate notes at Libor plus 868 bps and a $70.5 million tranche of subordinated notes.
The CLO is non-callable until Jan. 17, 2021, and the reinvestment period ends Jan. 17, 2024.
BNP Paribas Securities Corp. arranged the transaction.
Symphony Asset Management will continue to manage the CLO.
The asset management firm is based in San Francisco.
| Issuer: | Symphony CLO XV, Ltd.
|
| Amount: | $640.50 million refinancing
|
| Maturity: | Jan. 17, 2032
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Asset Management LLC
|
| Non-call period: | Until Jan. 17, 2021
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 24
|
|
|
| Class X-R2 notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: Not rated
|
|
|
| Class A-R2 notes
|
| Amount: | $384 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Rating: | S&P: Not rated
|
|
|
| Class B-1-R2 notes
|
| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.808%
|
| Rating: | S&P: AA
|
|
|
| Class C-R2 notes
|
| Amount: | $36 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R2 notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R2 notes
|
| Amount: | $25.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 633 bps
|
| Rating: | S&P: Not rated
|
|
|
| Class F-R2 notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 868 bps
|
| Rating: | S&P: Not rated
|
|
|
| Subordinated notes
|
| Amount: | $70.5 million
|
| Securities: | Notes
|
| Rating: | S&P: Not rated
|
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