By Cristal Cody
Tupelo, Miss., Aug. 23 – Triumph Capital Advisors, LLC priced $374.1 million of notes in a refinancing of a 2016 vintage collateralized loan obligation offering, according to a market source and a notice of executed supplemental indenture on Thursday.
Trinitas CLO IV Ltd./Trinitas CLO IV LLC sold $3.1 million of class X-R floating-rate notes at the reference rate plus 75 basis points, $196.9 million of class A-1L-R floating-rate notes at the reference rate plus 118 bps, $25 million of 4.192% class A-1F-R fixed-rate notes, $19 million of class A-2L-R floating-rate notes at the reference rate plus 160 bps and $8.6 million of 4.548% class A-2F-R fixed-rate notes.
The CLO also sold $54.3 million of class B-R floating-rate notes at the reference rate plus 195 bps; $22.65 million of class C-R deferrable floating-rate notes at the reference rate plus 245 bps; $25.45 million of class D-R deferrable floating-rate notes at the reference rate plus 336 bps; $14.6 million of class E-R deferrable floating-rate notes at the reference rate plus 630 bps and $4.5 million of class F-R floating-rate notes at the reference rate plus 825 bps.
Natixis Securities Americas LLC was the refinancing placement agent.
The refinanced notes are due Oct. 18, 2031, extended from the original April 18, 2028 maturity.
The reset CLO also has a two-year non-call period and a five-year reinvestment period.
Trinitas originally issued the CLO as a $406.65 million deal on June 2, 2016. In that offering, the CLO priced $2 million of class X floating-rate notes at Libor plus 100 bps; $258 million of class A floating-rate notes at Libor plus 175 bps; $42 million of class B floating-rate notes at Libor plus 275 bps; $28 million of class C deferrable floating-rate notes at Libor plus 370 bps; $15 million of class D-1 deferrable floating-rate notes at Libor plus 530 bps; $5 million of class D-2 deferrable floating-rate notes at Libor plus 650 bps; $20 million of class E deferrable floating-rate notes at Libor plus 863 bps and $36.65 million of subordinated notes.
Proceeds were used to redeem the original notes. The subordinated notes will remain outstanding.
The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.
Triumph Capital Advisors has priced one new CLO and refinanced two vintage CLOs year to date.
The CLO manager and subsidiary of Dallas-based Triumph Bancorp, Inc. priced two new CLOs in 2017.
| Issuer: | Trinitas CLO IV Ltd./Trinitas CLO IV LLC
|
| Amount: | $374.1 million refinancing
|
| Maturity: | Oct. 18, 2031
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities Americas LLC
|
| Manager: | Triumph Capital Advisors, LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 23
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | $3.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Reference rate plus 75 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1L-R notes
|
| Amount: | $196.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Reference rate plus 118 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1F-R notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.192%
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2L-R notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Reference rate plus 160 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2F-R notes
|
| Amount: | $8.6 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.548%
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $54.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Reference rate plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $22.65 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Reference rate plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $25.45 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Reference rate plus 336 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $14.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Reference rate plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $4.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Reference rate plus 825 bps
|
| Rating: | S&P: B
|
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