By Cristal Cody
Tupelo, Miss., June 24 – Triumph Capital Advisors, LLC priced $416,125,000 of notes due 2026 in a collateralized loan obligation deal, according to a market source on Tuesday.
Trinitas CLO II Ltd./Trinitas CLO II LLC priced $3,625,000 of class X floating-rate notes (/AAA/) at Libor plus 100 basis points, $165.75 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 127 bps and $83 million of class A-2 floating-rate notes (Aaa/AAA/) at Libor plus 160 bps.
The CLO sold $42.75 million of class B-1 floating-rate notes (/AA/) at Libor plus 179 bps; $21 million of class B-2 floating-rate notes (/AA/) at Libor plus 230 bps; $22 million of class C deferrable floating-rate notes (/A/) at Libor plus 281 bps; $20.25 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 380 bps; $17.5 million of class E deferrable floating-rate notes (/BB/) at Libor plus 475 bps and $5.75 million of class F deferrable floating-rate notes (/B/) at Libor plus 535 bps.
The deal included $34.5 million of subordinated notes in the equity tranche.
Nomura Securities International Inc. was the placement agent.
Triumph Capital Advisors will manage the CLO, which is backed primary by broadly syndicated senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Triumph Capital Advisors, a subsidiary of Dallas-based Triumph Bancorp, Inc., was last in the primary market on March 31 with the $400 million Trinitas CLO I, Ltd. transaction.
Issuer: | Trinitas CLO II Ltd./Trinitas CLO II LLC
|
Amount: | $416,125,000
|
Maturity: | 2026
|
Securities: | 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: | June 23
|
Settlement date: | Aug. 4
|
|
Class X notes
|
Amount: | $3,625,000
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 100 bps
|
Rating: | Standard & Poor’s: AAA
|
|
Class A-1 notes
|
Amount: | $165.75 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 127 bps
|
Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
Class A-2 notes
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Amount: | $83 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 160 bps
|
Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
Class B-1 notes
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Amount: | $42.75 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 179 bps
|
Rating: | Standard & Poor’s: AA
|
|
Class B-2 notes
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Amount: | $21 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 230 bps
|
Rating: | Standard & Poor’s: AA
|
|
Class C notes
|
Amount: | $22 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 281 bps
|
Rating: | Standard & Poor’s: A
|
|
Class D notes
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Amount: | $20.25 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 380 bps
|
Rating: | Standard & Poor’s: BBB
|
|
Class E notes
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Amount: | $17.5 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 475 bps
|
Rating: | Standard & Poor’s: BB
|
|
Class F notes
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Amount: | $5.75 million
|
Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 535 bps
|
Rating: | Standard & Poor’s: B
|
|
Equity tranche
|
Amount: | $34.5 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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