By Cristal Cody
Tupelo, Miss., Feb. 19 – Carlyle Investment Management LLC priced $275 million of notes due Jan. 20, 2032 in a refinancing and reset of Carlyle Global Market Strategies CLO 2015-5, Ltd./Carlyle Global Market Strategies CLO 2015-5 LLC transaction, according to a market source.
Citigroup Global Markets Inc. was the arranger.
Carlyle Investment Management will continue to manage the CLO.
The maturity on the notes was extended to Jan. 20, 2032 from the original Jan. 20, 2028 maturity.
The refinanced CLO has a two-year non-call period and a five-year reinvestment period.
Final pricing terms were not immediately available.
The original $406.85 million CLO was sold on Dec. 11, 2015. In that offering, the CLO had priced $209.5 million of class A-1a senior secured floating-rate notes at Libor plus 155 bps, $47.8 million of 3.34% class A-1b senior secured fixed-rate notes, $37 million of class A-2a senior secured floating-rate notes at Libor plus 225 bps and $7 million of 4.21% class A-2b senior secured fixed-rate notes.
The CLO also sold $14.7 million of class B-1 senior secured deferrable floating-rate notes at Libor plus 310 bps and $5 million of class B-2 senior secured deferrable floating-rate notes at Libor plus 325 bps.
At the bottom of the capital structure, the CLO had priced $26.7 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 405 bps, $20.3 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 610 bps and $38.85 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by first-lien senior secured corporate loans.
Carlyle Investment Management is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2015-5, Ltd./Carlyle Global Market Strategies CLO 2015-5 LLC
|
| Amount: | $275 million refinancing
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 30
|
| Settlement date: | Feb. 27
|
| Distribution: | Rule 144A and Regulation S
|
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