By Cristal Cody
Tupelo, Miss., July 25 – Triumph Capital Management, LLC closed Thursday on $556.5 million of notes due July 15, 2032 in a new collateralized loan obligation offering, according to market sources.
Trinitas CLO XI Ltd./Trinitas CLO XI LLC sold $204.82 million of class A loans at Libor plus 150 basis points, $173.91 million of class A-1 floating-rate notes at Libor plus 136 bps, $5.61 million of class A-2 floating-rate notes at Libor plus 195 bps, $30.66 million of class B-1 floating-rate notes at Libor plus 230 bps and $3 million of 4.15% class B-2 fixed-rate notes.
The CLO also priced $24.75 million of class C deferrable floating-rate notes at Libor plus 315 bps, $35,475,000 of class D deferrable floating-rate notes at Libor plus 422 bps, $27,775,000 of class E deferrable floating-rate notes at Libor plus 705 bps and $50.5 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The deal is collateralized primarily by broadly syndicated senior secured corporate loans.
The CLO manager has priced two new CLOs and refinanced one vintage CLO year to date.
Triumph, a subsidiary of Dallas-based Triumph Bancorp, Inc., priced two new CLOs and refinanced two vintage CLOs in 2018.
| Issuer: | Trinitas CLO XI Ltd./Trinitas CLO XI LLC
|
| Amount: | $556.5 million
|
| Maturity: | July 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Triumph Capital Management, LLC
|
| Settlement date: | July 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A loans
|
| Amount: | $204.82 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class A-1 notes
|
| Amount: | $173.91 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 136 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $5.61 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $30.66 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $3 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.15%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $35,475,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 422 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27,775,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 705 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $50.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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