Trimaran offers $695.8 million notes in 2014 CLO reset; most 2014 vintage CLOs refinanced

By Cristal Cody

Tupelo, Miss., Oct. 10 – Trimaran Advisors, LLC plans to return to the CLO market for the first time this year to price $695.8 million of notes in a refinancing and reset of a 2014 CLO deal.

Nearly $109 billion in U.S. broadly syndicated CLOs have been refinanced year to date, according to a Wells Fargo Securities LLC research note on Tuesday. The figure does not include reset deals.

Year to date, nearly 80% of all 2014 vintage CLOs have already refinanced.

“With over $100 billion in CLO refis YTD, CLO equity holders have seen temporary hits to their equity payments from the fees required to refinance the deal,” the analysts said in the note,

In its deal, Trimaran Advisors plans to price $695.8 million of notes in a refinancing and reset of the Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC transaction, according to a market source.

The CLO deal includes $2 million of class X floating-rate notes (//AAA); $429.5 million of class A-1A-R floating-rate notes (//AAA); $17 million of class A-1B-R floating-rate notes; $60 million of class A-2-R floating-rate notes; $37 million of class B-R floating-rate notes; $37 million of class C-R floating-rate notes; $38.5 million of class D-R floating-rate notes; $6.5 million of class E-R floating-rate notes and $68.3 million of subordinated notes.

MUFG is the refinancing placement agent.

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