By Cristal Cody
Eureka Springs, Ark., May 9 – Triumph Capital Advisors, LLC affiliate Trinitas Capital Management LLC priced $406.65 million of notes due April 18, 2028 in the firm’s first collateralized loan obligation deal in 2016, according to a market source.
Trinitas CLO IV Ltd./Trinitas CLO IV LLC printed $2 million of class X floating-rate notes (Aaa/AAA) at Libor plus 100 basis points; $258 million of class A floating-rate notes (Aaa/AAA) at Libor plus 175 bps; $42 million of class B floating-rate notes (AA) at Libor plus 275 bps; $28 million of class C deferrable floating-rate notes (A) at Libor plus 370 bps; $15 million of class D-1 deferrable floating-rate notes (BBB) at Libor plus 530 bps; $5 million of class D-2 deferrable floating-rate notes (BBB) at Libor plus 650 bps; $20 million of class E deferrable floating-rate notes (BB-) at Libor plus 863 bps and $36.65 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
Trinitas Capital Management will manage the CLO. Triumph Capital will provide initial staff and services.
The deal is backed primarily by broadly syndicated senior secured loans.
Triumph Capital was last in the primary market in 2015 with one new CLO transaction and one refinanced CLO deal.
The investment management firm is a subsidiary of Dallas-based Triumph Bancorp, Inc.
| Issuer: | Trinitas CLO IV Ltd./Trinitas CLO IV LLC
|
| Amount: | $406.65 million
|
| Maturity: | April 18, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | Trinitas Capital Management LLC
|
| Pricing date: | May 2
|
| Settlement date: | May 18
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $258 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 863 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $36.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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