By Cristal Cody
Tupelo, Miss., April 26 – Triumph Capital Advisors, LLC priced $350 million of notes due Oct. 25, 2028 in a refinancing of a 2016 collateralized loan obligation deal, according to a notice of executed supplemental indenture on Thursday.
Trinitas CLO V Ltd./Trinitas CLO V LLC sold $256 million of class A-R floating-rate notes (Aaa/AAA/) at Libor plus 139 basis points; $42 million of class B-1-R floating-rate notes (/AA/) at Libor plus 200 bps; $6 million of class B-2-R floating-rate notes (/AA/) at Libor plus 200 bps; $24 million of class C-R floating-rate notes (/A/) at Libor plus 295 bps and $22 million of class D-R floating-rate notes (/BBB/) at Libor plus 410 bps.
Natixis Securities Americas LLC was the refinancing placement agent.
Triumph Capital Advisors will continue to manage the CLO.
In the original $409 million Trinitas CLO V deal issued Sept. 22, 2016, the CLO priced $2 million of class X floating-rate notes at Libor plus 100 bps; $256 million of class A floating-rate notes at Libor plus 170 bps; $42 million of class B-1 floating-rate notes at Libor plus 215 bps; $6 million of 3.61% class B-2 fixed-rate notes; $24 million of class C floating-rate notes at Libor plus 315 bps; $22 million of class D floating-rate notes at Libor plus 441 bps; $18 million of class E floating-rate notes at Libor plus 740 bps and $39 million of subordinated notes.
Proceeds were used to redeem the original notes.
The CLO manager is a subsidiary of Dallas-based Triumph Bancorp, Inc.
Issuer: | Trinitas CLO V Ltd./Trinitas CLO V LLC
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Amount: | $350 million refinancing
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Maturity: | Oct. 25, 2028
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | Natixis Securities Americas LLC
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Manager: | Triumph Capital Management, LLC
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Settlement date: | April 25
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Distribution: | Rule 144A, Regulation S
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Class A-R notes
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Amount: | $256 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 139 bps
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Ratings: | Moody’s: Aaa
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S&P: AAA
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Class B-1-R notes
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Amount: | $42 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 200 bps
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Ratings: | S&P: AA
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Class B-2-R notes
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Amount: | $6 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 295 bps
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Ratings: | S&P: AA
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Class C-R notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 410 bps
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Ratings: | S&P: A
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Class D-R notes
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Amount: | $22 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 345 bps
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Ratings: | S&P: BBB
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