By Cristal Cody
Tupelo, Miss., April 2 - Triumph Capital Advisors, LLC priced a $400 million collateralized loan obligation deal, according to a market source on Wednesday.
The Trinitas CLO I, Ltd. offering sold $5 million of class X floating-rate notes (Aaa) at Libor plus 100 basis points; $230 million of class A-1 floating-rate notes (Aaa) at Libor plus 153 bps and $10 million of 3.511% class A-2 fixed-rate notes (Aaa) at the top of the capital structure.
The CLO also sold $51.5 million of class B-1 floating-rate notes at Libor plus 190 bps; $10 million of class B-2 floating-rate notes at Libor plus 235 bps; $22.75 million of class C deferrable floating-rate notes at Libor plus 280 bps; $18.75 million of class D deferrable floating-rate notes at Libor plus 360 bps; $16.25 million of class E deferrable floating-rate notes at Libor plus 475 bps and $33.75 million of subordinated notes.
Nomura Securities International, Inc. arranged the deal.
Triumph Capital Advisors will manage the CLO, backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments. Prudential Investment Management Inc. is a designated successor manager.
The notes are due April 15, 2026.
The CLO has a two-year non-call period and a four-year reinvestment period.
Triumph Capital Advisors, a subsidiary of Triumph Bancorp, Inc., is a Dallas-based investment management firm formed in 2013.
| Issuer: | Trinitas CLO I, Ltd.
|
| Amount: | $400 million
|
| Maturity: | April 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International, Inc.
|
| Manager: | Triumph Capital Advisors, LLC
|
| Call feature: | 2016
|
| Pricing date: | March 31
|
| Settlement date: | May 1
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $230 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | 3.511%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $51.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $22.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $18.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $16.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $35.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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