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Published on 8/9/2018 in the Prospect News CLO Daily.

New Issue: Columbia Management Investment refinances $722.75 million Cent CLO 24 notes

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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