By Cristal Cody
Tupelo, Miss., Aug. 9 – Columbia Management Investment Advisors, LLC refinanced $722.75 million of notes due Oct. 15, 2026 from a 2015 vintage broadly syndicated collateralized loan obligation deal, according to a market source and a notice of executed supplemental indenture on Wednesday.
Cent CLO 24 Ltd./Cent CLO 24 Corp. sold $431.9 million of class A-1-R senior floating-rate notes at Libor plus 107 basis points; $102.9 million of class A-2-R senior floating-rate notes at Libor plus 165 bps; $24 million of class B-1-R mezzanine deferrable floating-rate notes at Libor plus 210 bps; $18 million of 5.031% class B-2-R mezzanine deferrable fixed-rate notes; $35.7 million of class C-R mezzanine deferrable floating-rate notes at Libor plus 315 bps; $31.5 million of class D-R mezzanine deferrable floating-rate notes at Libor plus 575 bps; $14 million of class E-R mezzanine deferrable floating-rate notes at Libor plus 800 bps and $64.75 million of subordinated notes.
Goldman Sachs & Co. was the refinancing placement agent.
Columbia Management Investment Advisors will continue to manage the CLO.
The CLO has a non-call period that ends in October 2019 and a reinvestment period that ends in April 2020.
In the $709.8 million transaction issued on Sept. 15, 2015, the CLO originally sold $431.9 million of class A-1 senior floating-rate notes at Libor plus 147 bps; $102.9 million of class A-2 senior floating-rate notes at Libor plus 220 bps; $42 million of class B deferrable floating-rate notes at Libor plus 275 bps; $35.7 million of class C deferrable floating-rate notes at Libor plus 370 bps; $19.5 million of class D-1 deferrable floating-rate notes at Libor plus 550 bps; $12 million of class D-2 deferrable floating-rate notes at Libor plus 678 bps; $14 million of class E deferrable floating-rate notes at Libor plus 700 bps and $51.8 million of subordinated notes.
The refinanced CLO is collateralized mainly by broadly syndicated senior secured corporate loans.
Proceeds were used to redeem the original notes.
Columbia Management Investment is an investment management firm based in Boston.
| Issuer: | Cent CLO 24 Ltd./Cent CLO 24 Corp.
|
| Amount: | $722.75 million refinancing
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co.
|
| Manager: | Columbia Management Investment Advisors, LLC
|
| Call feature: | October 2019
|
| Settlement date: | Aug. 8
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $431.9 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $102.9 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA
|
|
|
| Class B-1-R notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | S&P: A
|
|
|
| Class B-2-R notes
|
| Amount: | $18 million
|
| Securities: | Mezzanine deferrable fixed-rate notes
|
| Coupon: | 5.031%
|
| Ratings: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $35.7 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | $31.5 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | S&P: BB
|
|
|
| Class E-R notes
|
| Amount: | $14 million
|
| Securities: | Mezzanine deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Ratings: | S&P: B
|
|
|
| Equity
|
| Amount: | $31.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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