Chicago, April 11 – Trinitas Capital Management, LLC sold €346.9 million in a collateralized loan obligation being issued by Trinitas Euro CLO IV DAC, according to a presale report and an offering document.
The notes will mature on May 15, 2038.
The CLO consists of €213.5 million of class A senior secured floating-rate notes at Euribor plus 175 basis points, €26.8 million of class B-1 senior secured floating-rate notes at Euribor plus 300 bps, €10 million of class B-2 6.4% senior secured fixed-rate notes, €19.3 million of class C senior secured deferrable floating-rate notes at Euribor plus 425 bps, €21.9 million of class D senior secured deferrable floating-rate notes at Euribor plus 600 bps, €14.9 million of class E senior secured deferrable floating-rate notes at Euribor plus 711 bps, €10.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 973 bps and €30 million of subordinated notes.
Trinitas Capital Management, LLC will manage the collateral through the end of the reinvestment period on Nov. 15, 2027.
Collateral for the notes consists of speculative-grade senior secured term loans and bonds.
The notes can be called starting Sept. 30, 2024.
J.P. Morgan Securities plc was the placement agent.
Trinitas Capital Management is a Dallas-based credit-focused investment management firm. The issuer is incorporated in Dublin.
| Issuer: | Trinitas Euro CLO IV DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €346.9 million
|
| Maturity: | May 15, 2038
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Trinitas Capital Management, LLC
|
| Call feature: | Sept. 30, 2024
|
| Settlement date: | March 30
|
|
|
| Class A notes
|
| Amount: | €213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.4%
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €19.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Price: | Par
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €14.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 711 bps
|
| Price: | 93
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 973 bps
|
| Price: | 91
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €30 million
|
| Securities: | Subordinated notes
|
| Price: | Par
|
|
|
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