By Cristal Cody
Tupelo, Miss., Nov. 21 – Triumph Capital Management, LLC priced $611.5 million of notes due Jan. 20, 2032 in a new collateralized loan obligation offering that closed on Monday, according to a market source.
Trinitas CLO IX Ltd./Trinitas CLO IX LLC sold $384 million of class A floating-rate notes at Libor plus 130 basis points, $62 million of class B-1 floating-rate notes at Libor plus 195 bps and $10 million of 5.06% class B-2 fixed-rate notes.
The CLO also sold $28.2 million of class C deferrable floating-rate notes at Libor plus 235 bps; $37.8 million of class D deferrable floating-rate notes at Libor plus 345 bps; $30 million of class E deferrable floating-rate notes at Libor plus 625 bps; $12 million of class F deferrable floating-rate notes at Libor plus 851 bps and $47.5 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
Triumph has priced two new CLOs 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 IX Ltd./Trinitas CLO IX LLC
|
| Amount: | $611.5 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Triumph Capital Management, LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 19
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
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| Amount: | $62 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.06%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $28.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $37.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
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| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 851 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $47.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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