By Cristal Cody
Tupelo, Miss., Oct. 17 – Trimaran Advisors, LLC priced $695.8 million of notes in a refinancing and reset of the upsized Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC transaction, according to a market source and a news release on Monday.
The deal included $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.
Final pricing details were not immediately available.
MUFG was the refinancing placement agent.
Trimaran Advisors will manage the CLO.
An affiliate of the investment manager is expected to retain a vertical strip to comply with U.S. risk retention, according to the release.
The maturity on the refinanced notes was extended to April 22, 2030 from the original April 20, 2026 maturity.
The refinanced CLO has a 2.5-year non-call period and a five-year reinvestment period.
In the original $467,925,000 offering issued on May 6, 2014, the CLO priced $272.8 million of class A-1 floating-rate notes at Libor plus 155 basis points; $70.3 million of class A-2 floating-rate notes at Libor plus 180 bps; $27 million of class B deferrable floating-rate notes at Libor plus 265 bps; $23.6 million of class C deferrable floating-rate notes at Libor plus 325 bps; $19.4 million of class D deferrable floating-rate notes at Libor plus 450 bps; $10,125,000 of class E deferrable floating-rate notes at Libor plus 575 bps and $44.7 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original notes on Oct. 20.
The CLO is backed primarily by first-lien senior secured loans.
Trimaran Advisors was last in the CLO market with a deal on Nov. 17, 2016 when it refinanced $372.75 million of notes in three tranches from the Catamaran CLO 2014-2 Ltd./Catamaran CLO 2014-2 LLC transaction.
Trimaran Advisors is a New York-based portfolio company of business development company KCAP Financial, Inc.
Issuer: | Catamaran CLO 2014-1 Ltd./Catamaran CLO 2014-1 LLC
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Amount: | $695.8 million refinancing
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Maturity: | April 22, 2030
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | MUFG
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Manager: | Trimaran Advisors, LLC
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Call feature: | Two ½ years
|
Pricing date: | Oct. 16
|
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Class X notes
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Amount: | $2 million
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Securities: | Floating-rate notes
|
Rating: | Fitch: AAA
|
|
Class A-1A-R notes
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Amount: | $429.5 million
|
Securities: | Floating-rate notes
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Rating: | Fitch: AAA
|
|
Class A-1B-R notes
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Amount: | $17 million
|
Securities: | Floating-rate notes
|
Ratings: | Non-rated
|
|
Class A-2-R notes
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Amount: | $60 million
|
Securities: | Floating-rate notes
|
Ratings: | Non-rated
|
|
Class B-R notes
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Amount: | $37 million
|
Securities: | Floating-rate notes
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Ratings: | Non-rated
|
|
Class C-R notes
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Amount: | $37 million
|
Securities: | Floating-rate notes
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Ratings: | Non-rated
|
|
Class D-R notes
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Amount: | $38.5 million
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Securities: | Floating-rate notes
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Ratings: | Non-rated
|
|
Class E-R notes
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Amount: | $6.5 million
|
Securities: | Floating-rate notes
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Ratings: | Non-rated
|
|
Equity
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Amount: | $68.3 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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