By Cristal Cody
Tupelo, Miss., March 31 – Trimaran Advisors, LLC priced $463.8 million of notes due April 22, 2027 in the Catamaran CLO 2015-1 Ltd./Catamaran CLO 2015-1 LLC transaction, according to a market source and parent company KCAP Financial, Inc. on Tuesday.
The CLO sold $283.5 million of class A floating-rate notes at Libor plus 155 basis points; $45.9 million of class B floating-rate notes at Libor plus 220 bps; $40.4 million of class C deferrable floating-rate notes at Libor plus 310 bps; $20 million of class D deferrable floating-rate notes at Libor plus 365 bps; $20.3 million of class E deferrable floating-rate notes at Libor plus 515 bps and $49.8 million of subordinated notes.
Barclays was the placement agent.
Trimaran Advisors will manage the CLO.
KCAP said in a news release that it will invest about $12 million across certain junior tranches of notes issued by the fund.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured loans.
The deal is the fifth CLO fund brought since KCAP acquired Trimaran Advisors in February 2012.
Trimaran Advisors, a New York-based portfolio company of KCAP Financial, priced two CLO transactions in 2014.
| Issuer: | Catamaran CLO 2015-1 Ltd./Catamaran CLO 2015-1 LLC
|
| Amount: | $463.8 million
|
| Maturity: | April 22, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Trimaran Advisors, LLC
|
| Call feature: | 2017
|
| Pricing date: | March 31
|
| Settlement date: | May 5
|
|
|
| Class A notes
|
| Amount: | $287.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $45.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $40.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $20.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $49.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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