By Cristal Cody
Tupelo, Miss., Nov. 13 – Symphony Asset Management LLC priced a $622.5 million collateralized loan obligation deal, according to a market source.
The Symphony CLO XV, Ltd./Symphony CLO XV LLC vehicle sold $3 million of class X floating-rate notes at Libor plus 100 basis points; $378 million of class A floating-rate notes at Libor plus 145 bps; $63 million of class B-1 floating-rate notes at Libor plus 220 bps; $15 million of 4.21% class B-2 fixed-rate notes; $33 million of class C floating-rate notes at Libor plus 320 bps; $33 million of class D floating-rate notes at Libor plus 375 bps; $33 million of class D floating-rate notes at Libor plus 375 bps; $30 million of class E floating-rate notes at Libor plus 505 bps; $12 million of class F floating-rate notes at Libor plus 575 bps and $55.5 million of subordinated notes.
BofA Merrill Lynch arranged the offering.
CLO manager Symphony Asset Management previously priced the $838 million Symphony CLO XIV, Ltd./Symphony CLO XIV LLC deal on May 6, 2014.
The San Francisco-based asset management firm brought two CLO transactions in 2013.
Issuer: | Symphony CLO XV, Ltd./Symphony CLO XV LLC
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Amount: | $622.5 million
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BofA Merrill Lynch
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Manager: | Symphony Asset Management LLC
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Pricing date: | Oct. 17
|
|
Class X notes
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Amount: | $3 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 100 bps
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Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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|
Class A notes
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Amount: | $378 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 145 bps
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Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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|
Class B-1 notes
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Amount: | $63 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | Moody’s: Aa2 expected
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|
Class B-2 notes
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Amount: | $15 million
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Securities: | Fixed-rate notes
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Coupon: | 4.21%
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Rating: | Moody’s: Aa2 expected
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Class C notes
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Amount: | $33 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 320 bps
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Rating: | Moody’s: A2 expected
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|
Class D notes
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Amount: | $33 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 375 bps
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Rating: | Moody’s: Baa3 expected
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Class E notes
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Amount: | $30 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 505 bps
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Rating: | Moody’s: Ba3 expected
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Class F notes
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Amount: | $12 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 575 bps
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Rating: | Moody’s: B2 expected
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|
Equity tranche
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Amount: | $55.5 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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