By Cristal Cody
Tupelo, Miss., Dec. 4 – Trinitas Capital Management, LLC priced $501 million of notes due Jan. 25, 2034 in a new collateralized loan obligation offering, according to a market source.
Trinitas CLO XIV Ltd./Trinitas CLO XIV LLC sold $300 million of class A-1 floating-rate notes at Libor plus 149 basis points, $25 million of class A-2 floating-rate notes at Libor plus 180 bps and $55 million of class B floating-rate notes at Libor plus 200 bps.
The CLO sold $30 million of class C deferrable floating-rate notes at Libor plus 300 bps, $25 million of class D deferrable floating-rate notes at Libor plus 430 bps, $17.5 million of class E deferrable floating-rate notes at Libor plus 804 bps and $48.5 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is collateralized primarily by broadly syndicated senior secured corporate loans.
Trinitas Capital Management has priced two new CLOs year to date.
The credit investment management firm is based in Dallas.
| Issuer: | Trinitas CLO XIV Ltd./Trinitas CLO XIV LLC
|
| Amount: | $501 million
|
| Maturity: | Jan. 25, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Trinitas Capital Management, LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 18
|
|
|
| Class A-1 notes
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| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
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| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 430 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 804 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $48.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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