By Cristal Cody
Tupelo, Miss., Oct. 15 – Symphony Asset Management LLC priced $584.25 million of notes in four tranches due July 14, 2026 in a second refinancing of the vintage 2014 Symphony CLO XIV, Ltd./Symphony CLO XIV, LLC collateralized loan obligation transaction, according to market sources.
The CLO sold $434 million of class A-R senior floating-rate notes at Libor plus 95 basis points, $63.9 class B-1-RR senior floating-rate notes at Libor plus 170 bps, $35 million of 3.04% class B-2-RR senior fixed-rate notes, $32.45 million of class C-R deferrable mezzanine floating-rate notes at Libor plus 210 bps and $18.9 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 310 bps.
BNP Paribas Securities Corp. was the refinancing placement agent.
Symphony Asset Management will continue to manage the CLO.
Symphony CLO XIV originally was issued May 22, 2014 in an $838 million transaction and was first refinanced on Jan. 17, 2017.
In the original issuance, the CLO priced $5 million of class X floating-rate notes at Libor plus 100 bps, $250 million of class A-1 floating-rate notes at Libor plus 137 bps, $236 million of class A-2 floating-rate notes at Libor plus 148 bps and $10 million of 3.5% class A-3 fixed-rate notes.
The CLO also sold $73 million of class B-1 floating-rate notes at Libor plus 200 bps, $35 million of 4.4% class B-2 fixed-rate notes, $25 million of class C-1 floating-rate notes at Libor plus 295 bps, $15 million of 5.5% class C-2 fixed-rate notes, $26 million of class D-1 floating-rate notes at Libor plus 340 bps, $26 million of class D-2 floating-rate notes at Libor plus 360 bps, $48 million of class E floating-rate notes at Libor plus 460 bps, $16 million of class F floating-rate notes at Libor plus 500 bps and $73 million of subordinated notes.
In the first refinancing, the CLO sold $250 million of class A-1-R senior floating-rate notes, $236 million of class A-2-R senior floating-rate notes, $10 million of class A-3-R senior fixed-rate notes, $73 million of class B-1-R senior floating-rate notes, $35 million of class B-2-R senior fixed-rate notes, $25 million of class C-1-R deferrable mezzanine floating-rate notes and $15 million of class C-2-R deferrable mezzanine fixed-rate notes.
Proceeds from the second refinancing were used to redeem some of the outstanding notes on Tuesday.
The asset management firm is based in San Francisco.
| Issuer: | Symphony CLO XIV, Ltd./Symphony CLO XIV, LLC
|
| Amount: | $584.25 million refinancing
|
| Securities: | Fixed- and floating-rate notes
|
| Maturity: | July 14, 2026
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Asset Management LLC
|
| Settlement date: | Oct. 15
|
|
|
| Class A-R notes
|
| Amount: | $434 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 95 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1-RR notes
|
| Amount: | $63.9 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2-RR notes
|
| Amount: | $35 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 3.04%
|
| Ratings: | Non-rated
|
|
|
| Class C-R notes
|
| Amount: | $32.45 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class D-R notes
|
| Amount: | $18.9 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Ratings: | Non-rated
|
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