By Cristal Cody
Tupelo, Miss., Aug. 21 – Trimaran Advisors, LLC priced $464.75 million of notes due Oct. 18, 2026 in the Catamaran CLO 2014-2 Ltd./Catamaran CLO 2014-2 LLC transaction, according to a market source.
The CLO sold $283.5 million of class A-1 floating-rate notes at Libor plus 151 basis points and $53.75 million of class A-2 floating-rate notes at Libor plus 230 bps.
Catamaran CLO 2014-2 priced $36.5 million of class B deferrable floating-rate notes at Libor plus 300 bps; $23.25 million of class C deferrable floating-rate notes at Libor plus 350 bps; $19.25 million of class D deferrable floating-rate notes at Libor plus 485 bps; $9.75 million of class E deferrable floating-rate notes at Libor plus 565 bps and $39.75 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Trimaran Advisors will manage the CLO, which is collateralized primarily by broadly syndicated speculative-grade senior secured loans.
The CLO has a non-call period scheduled to end on Oct. 18, 2016. The reinvestment period ends on Oct. 18, 2018.
The offering is Trimaran Advisors’ second CLO transaction of the year. The New York-based subsidiary of KCAP Financial, Inc. priced the $468 million Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC transaction in April.
| Issuer: | Catamaran CLO 2014-2 Ltd./Catamaran CLO 2014-2 LLC
|
| Amount: | $464.75 million
|
| Maturity: | Oct. 18, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Call feature: | Oct. 18, 2016
|
| Pricing date: | Aug. 18
|
| Settlement date: | Sept. 18
|
|
|
| Class A-1 notes
|
| Amount: | $283.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 151 bps
|
| Ratings | Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $53.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B notes
|
| Amount: | $35.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C notes
|
| Amount: | $23.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class E notes
|
| Amount: | $9.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $39.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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