| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers D > Headlines for Doral CLO II Ltd. > News item |
CLO refinancing volume rises; Triumph Capital refinances portion of Doral CLO II
By Cristal Cody
Tupelo, Miss., May 28 – Triumph Capital Advisors, LLC joined the growing list of CLO managers to refinance vintage CLOs.
Triumph Capital Advisors refinanced a portion of the vintage 2012 Doral CLO II Ltd. transaction.
More than $4 billion of notes in vintage CLOs have been refinanced year to date, according to market sources.
Credit Suisse Asset Management, LLC and Ares Management LLC refinanced CLOs earlier in the month.
Triumph Capital refinances
Triumph Capital Advisors refinanced $296.5 million of notes due May 26, 2023 in the vintage 2012 CLO deal, according to a market source.
The company refinanced Doral CLO II’s $269.5 million of class A-1R floating-rate notes (Aaa/AAA/) 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 (/AAA/) 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.