Canyon CLO Advisors offers $460.25 million Canyon CLO 2016-2 deal

By Cristal Cody

Eureka Springs, Ark., Aug. 4 – Canyon CLO Advisors LLC plans to price $460.25 million of notes due Aug. 20, 2028 in a Rule 144A-eligible collateralized loan obligation offering, according to a market source.

The Canyon Capital CLO 2016-2, Ltd./Canyon Capital CLO 2016-2, LLC transaction includes $288 million of class A floating-rate notes (/AAA/); $57.8 million of class B floating-rate notes (/AA/); $20.7 million of class C floating-rate notes; $26.2 million of class D floating-rate notes; $21.3 million of class E floating-rate notes and $46.25 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

Canyon CLO Advisors will manage the CLO.

The deal has a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a portfolio of about $450 million of mostly senior secured leveraged loans.

The transaction is collateralized primarily by first-lien senior secured loans.

Canyon CLO Advisors has priced one CLO deal year to date.

The Los Angeles-based firm is a subsidiary of alternative asset manager Canyon Capital Advisors LLC.

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