By Cristal Cody
Tupelo, Miss., May 30 – Trimaran Advisors, LLC sold $609.9 million of notes due July 20, 2032 in the new Trimaran Cavu 2019-1 Ltd./Trimaran Cavu 2019-1 LLC collateralized loan obligation transaction, according to market sources.
The CLO sold $354 million of class A-1 floating-rate notes at Libor plus 146 basis points, $34.8 million of class A-2 floating-rate notes at Libor plus 190 bps and $66 million of class B floating-rate notes at Libor plus 220 bps.
Trimaran Cavu also priced $23 million of class C-1 deferrable floating-rate notes at Libor plus 315 bps, $14.2 million of 5.539% C-2 deferrable fixed-rate notes, $31.2 million of class D deferrable floating-rate notes at Libor plus 415 bps, $24.2 million of class E deferrable floating-rate notes at Libor plus 704 bps and $62.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The CLO, collateralized primarily by broadly syndicated senior secured term loans, has a three-year non-call period and a five-year reinvestment period.
The transaction is Trimaran Advisors’ first CLO offering of 2019 and its first since it was acquired in December by New York-based LibreMax Capital, LLC from KCAP Financial, Inc.
LibreMax announced on April 8 that it established CAVU Investment Partners, LLC in partnership with investment management firm TowerBrook Capital Partners LP to invest in the equity tranches of new issue CLOs that are managed by Trimaran Advisors.
| Issuer: | Trimaran Cavu 2019-1 Ltd./Trimaran Cavu 2019-1 LLC
|
| Amount: | $609.9 million
|
| Maturity: | July 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Call feature: | Three years
|
| Pricing date: | May 9
|
| Settlement date: | May 31
|
|
|
| Class A-1 notes
|
| Amount: | $354 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 146 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $34.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
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| Amount: | $14.2 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 5.539%
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $31.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 415 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $24.2 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 704 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $62.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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