By Cristal Cody
Eureka Springs, Ark., Sept. 20 – Symphony Asset Management LLC priced $515.25 million of notes in the TCI-Symphony CLO 2016-1 Ltd. collateralized loan obligation transaction, according to a market source.
TCI-Symphony CLO 2016-1 sold $320 million of class A floating-rate notes at Libor plus 148 basis points, $57 million of class B-1 floating-rate notes at Libor plus 180 bps and $3 million of class B-2 floating-rate notes at Libor plus 190 bps.
The CLO priced $6.25 million of class C-1 floating-rate notes at Libor plus 240 bps and $25 million of class C-2 floating-rate notes at Libor plus 240 bps.
TCI-Symphony CLO also sold $28.75 million of class D floating-rate notes at Libor plus 380 bps, $20 million of class E floating-rate notes at Libor plus 670 bps and $55.25 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Symphony Asset Management will manage the CLO.
The CLO manager has priced two CLO deals this year to date.
The San Francisco-based asset management firm sold one CLO and refinanced one vintage CLO in 2015.
| Issuer: | TCI-Symphony CLO 2016-1 Ltd.
|
| Amount: | $515.25 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Symphony Asset Management LLC
|
| Pricing date: | Sept. 8
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Expected ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $57 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
|
| Amount: | $6.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class C-2 notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $28.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $55.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
