By Cristal Cody
Tupelo, Miss., Feb. 4 – Symphony Asset Management LLC sold $407.4 million of notes in the new issue Symphony CLO XXII, Ltd. broadly syndicated collateralized loan obligation transaction, according to market sources.
The CLO priced $1.5 million of class X floating-rate notes at Libor plus 79 basis points, $228 million of class A-1A floating-rate notes at Libor plus 129 bps, $20 million of 2.88% class A-1B fixed-rate notes and $8 million of class A-2 floating-rate notes at Libor plus 160 bps.
Symphony CLO XXII sold $48 million of class B floating-rate notes at Libor plus 170 bps, $26 million of class C floating-rate notes at Libor plus 215 bps, $22 million of class D floating-rate notes at Libor plus 315 bps, $12 million of class E floating-rate notes at Libor plus 625 bps and $41.9 million of subordinated notes.
Natixis Securities Americas LLC arranged the transaction.
The CLO has a two-year non-call period and a five-year reinvestment period.
Symphony Asset Management is a San Francisco-based asset management firm and subsidiary of Nuveen LLC.
| Issuer: | Symphony CLO XXII, Ltd.
|
| Amount: | $407.4 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Symphony Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 23
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 79 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-1A notes
|
| Amount: | $228 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 129 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class A-1B notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.88%
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $41.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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