Trinitas CLO V edits proposed indenture supplement as refinancing eyed

By Wendy Van Sickle

Columbus, Ohio, April 12 – Trinitas CLO V Ltd./Trinitas CLO V LLC have revised their proposed supplemental indenture to add and delete some text, according to a notice.

The revisions include replacing definitions of retention agreement, retention interests and retention requirements.

Also added was some language relating to public ratings of underlying assets.

As reported on April 5, Triumph Capital Advisors, LLC plans to price $350 million of notes due Oct. 25, 2028 in a refinancing of the 2016 collateralized loan obligation deal.

The offering includes $256 million of class A-R floating-rate notes (expected Aaa/AAA); $42 million of class B-1-R floating-rate notes (expected AA); $6 million of class B-2-R fixed-rate notes (expected AA); $24 million of class C-R floating-rate notes (expected A); and $22 million of class D-R floating-rate notes (expected BBB).

Natixis Securities Americas LLC is the refinancing placement agent.

Triumph Capital Advisors will continue to manage the CLO.

In the original $409 million Trinitas CLO V deal issued Sept. 15, 2016, the CLO priced $2 million of class X floating-rate notes at Libor plus 100 basis points; $256 million of class A floating-rate notes at Libor plus 170 bps; $42 million of class B-1 floating-rate notes at Libor plus 215 bps; $6 million of 3.61% class B-2 fixed-rate notes; $24 million of class C floating-rate notes at Libor plus 315 bps; $22 million of class D floating-rate notes at Libor plus 441 bps; $18 million of class E floating-rate notes at Libor plus 740 bps; and $39 million of subordinated notes.

Proceeds will be used to redeem the original notes. The redemption and the issue date of the refinancing is still set for April 25.

The CLO manager is a subsidiary of Dallas-based Triumph Bancorp, Inc.

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