By Cristal Cody
Tupelo, Miss., Feb. 23 – Trinitas Capital Management, LLC priced $351 million of notes due July 15, 2027 in a refinancing of a vintage 2015 collateralized loan obligation deal that closed on Friday, according to a market source.
Trinitas CLO III Ltd./Trinitas CLO III LLC sold $251.5 million of class A-R floating-rate notes at Libor plus 80 basis points; $62.5 million of class B-R floating-rate notes at Libor plus 140 bps; $15.75 million of class C-R deferrable floating-rate notes at Libor plus 190 bps and $21.25 million of class D-R deferrable floating-rate notes at Libor plus 280 bps.
Nomura Securities International, Inc. was the refinancing placement agent.
Trinitas Capital Management will manage the CLO.
In the original $409.38 million transaction issued June 9, 2015, the CLO sold $4 million of class X floating-rate notes at Libor plus 100 bps, $200 million of class A-1 floating-rate notes at Libor plus 160 bps, $36.5 million of class A-2 floating-rate notes at Libor plus 151 bps and $15 million of 3.37% class A-3 fixed-rate notes.
The CLO also had priced $62.5 million of class B floating-rate notes at Libor plus 245 bps; $15.75 million of class C deferrable floating-rate notes at Libor plus 335 bps; $15.25 million of class D-1 deferrable floating-rate notes at Libor plus 415 bps; $6 million of 6.93% class D-2 deferrable fixed-rate notes; $16.5 million of class E deferrable floating-rate notes at Libor plus 525 bps; $8 million of class F deferrable floating-rate notes at Libor plus 650 bps and $29.88 million of subordinated notes.
Proceeds from the refinancing were used to redeem the original class A-1, A-2, A-3, B, C, D-1 and D-2 notes at par.
The CLO manager is based in Dallas.
| Issuer: | Trinitas CLO III Ltd./Trinitas CLO III LLC
|
| Amount: | $351 million refinancing
|
| Maturity: | July 15, 2027
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
|
| Refinancing agent: | Nomura Securities International, Inc.
|
| Manager: | Trinitas Capital Management, LLC
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| Settlement date: | Feb. 23
|
|
|
| Class A-R notes
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| Amount: | $251.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
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| Amount: | $62.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 140 bps
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| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
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| Amount: | $15.75 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 190 bps
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| Rating: | Moody’s: A2
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|
|
| Class D-R notes
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| Amount: | $21.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: Baa3
|
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