By Cristal Cody
Tupelo, Miss., Oct. 23 – Trimaran Advisors, LLC sold $510.2 million of notes and loans due Nov. 26, 2032 in its second collateralized loan obligation transaction of the year, according to market sources.
Trimaran Cavu 2019-2 Ltd./Trimaran Cavu 2019-2 LLC sold $63 million of class A-NA floating-rate notes at Libor plus 139 basis points, $300 million of class A-L loans at Libor plus 153 bps and $12 million of 3.877% class A-NB fixed-rate notes.
Trimaran Cavu 2019-2 also priced $35 million of 5.002% class B fixed-rate notes, $30 million of class C floating-rate notes at Libor plus 472 bps, $17.5 million of class D floating-rate notes at Libor plus 695 bps and $52.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured loans.
Trimaran Advisors has priced two CLOs year to date.
The manager is a subsidiary of New York-based LibreMax Capital, LLC.
| Issuer: | Trimaran Cavu 2019-2 Ltd./Trimaran Cavu 2019-2 LLC
|
| Amount: | $510.2 million
|
| Maturity: | Nov. 26, 2032
|
| Securities: | Loans and fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Trimaran Advisors, LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 18
|
| Settlement date: | Nov. 26
|
|
|
| Class A-NA notes
|
| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
|
| Amount: | $300 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 153 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-NB notes
|
| Amount: | $12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.877%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $35 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.002%
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 472 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $52.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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