By Cristal Cody
Eureka Springs, Ark., Nov. 23 – Trimaran Advisors, LLC sold $372.75 million of notes due Oct. 18, 2026 at par in a refinancing of the broadly syndicated 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-R floating-rate notes at Libor plus 140 basis points, $53.75 million of class A-2-R floating-rate notes at Libor plus 205 bps and $35.5 million of class B-R floating-rate notes at Libor plus 295 bps.
BofA Merrill Lynch was the refinancing agent.
Trimaran Advisors will manage the CLO.
The $464.75 million CLO was priced on Aug. 18, 2014 in seven tranches.
The CLO sold the class A-1 notes at Libor plus 151 bps, the class A-2 notes at Libor plus 230 bps and the class B notes at Libor plus 300 bps.
Proceeds from the refinancing will be used to redeem the class A-1, A-2 and B notes. The other tranches will remain outstanding.
Trimaran Advisors is a New York-based portfolio company of KCAP Financial, Inc.
| Issuer: | Catamaran CLO 2014-2 Ltd./Catamaran CLO 2014-2 LLC
|
| Amount: | $372.75 million refinancing
|
| Maturity: | Oct. 18, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Trimaran Advisors, LLC
|
| Pricing date: | Nov. 17
|
| Refinancing date: | Dec. 6
|
|
|
| Class A-1-R notes
|
| Amount: | $283.5 million
|
| Coupon: | Libor plus 140 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $53.75 million
|
| Coupon: | Libor plus 205 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $35.5 million
|
| Coupon: | Libor plus 295 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
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