By Cristal Cody
Tupelo, Miss., June 18 – Symphony Asset Management LLC sold $407 million of notes in the new Symphony CLO XXI, Ltd. collateralized loan obligation transaction, according to a market source.
The CLO priced $1.6 million of class X senior floating-rate notes at Libor plus 75 basis points; $256 million of class A senior floating-rate notes at Libor plus 138 bps; $48 million of class B senior floating-rate notes at Libor plus 190 bps; $24 million of class C deferrable mezzanine floating-rate notes at Libor plus 255 bps; $22 million of class D deferrable mezzanine floating-rate notes at Libor plus 365 bps; $14 million of class E deferrable mezzanine floating-rate notes at Libor plus 675 bps and $41.4 million of subordinated notes.
The floating-rate notes are due July 15, 2032. The equity tranche is due July 15, 2049.
BNP Paribas Securities Corp. arranged the transaction.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by first-lien senior secured loans and eligible investments.
Symphony Asset Management has issued two dollar-denominated CLOs year to date.
The asset management firm and subsidiary of Nuveen LLC is based in San Francisco.
| Issuer: | Symphony CLO XXI, Ltd.
|
| Amount: | $407 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | May 14
|
| Settlement date: | June 20
|
|
|
| Class X notes
|
| Amount: | $1.6 million
|
| Securities: | Floating-rate notes
|
| Maturity: | July 15, 2032
|
| Coupon: | Libor plus 75 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: Non-rated
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Maturity: | July 15, 2032
|
| Coupon: | Libor plus 138 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Maturity: | July 15, 2032
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Maturity: | July 15, 2032
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Maturity: | July 15, 2032
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Maturity: | July 15, 2032
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $41.4 million
|
| Securities: | Subordinated notes
|
| Maturity: | July 15, 2049
|
| Rating: | Non-rated
|
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