By Cristal Cody
Tupelo, Miss., May 28 – Triumph Capital Advisors, LLC refinanced $296.5 million of notes due May 26, 2023 in a vintage 2012 collateralized loan obligation deal, according to a market source.
Doral CLO II Ltd. refinanced $269.5 million of class A-1R floating-rate notes at Libor plus 125 basis points, tighter than where the notes originally priced at Libor plus 147 bps.
In the second tranche, the CLO refinanced $27 million of class A-2R floating-rate notes at Libor plus 170 bps. The notes originally priced at Libor plus 290 bps.
The CLO’s original tranches of $34.5 million of class B floating-rate notes (/A/), $16.5 million of class C floating-rate notes (/BBB/), $21 million of class D floating-rate notes (/BB/) and $47.96 million of subordinated notes were not refinanced and remain outstanding.
Nomura Securities International Inc. was the refinancing agent.
Triumph Capital Advisors is the CLO manager.
The notes are collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the refinancing were used to redeem the original class A-1 and class A-2 notes.
Triumph Capital Advisors previously was in the primary market on May 7 with the $409.38 million Trinitas CLO III Ltd./Trinitas CLO III LLC deal.
The subsidiary of Dallas-based Triumph Bancorp, Inc. brought two CLO transactions in 2014.
| Issuer: | Doral CLO II Ltd.
|
| Amount: | $296.5 million refinancing
|
| Maturity: | May 26, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International Inc.
|
| Manager: | Triumph Capital Advisors, LLC
|
| Pricing date: | May 21
|
| Settlement date: | May 26
|
|
|
| Class A-1R notes
|
| Amount: | $269.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Standard & Poor’s: AA
|
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