Chicago, Jan. 20 – Trimaran Advisors, LLC is refinancing $350 million of notes in the Catamaran CLO 2016-1 Ltd./Catamaran CLO 2016-1 LLC collateralized loan obligation transaction, according to a market source.
Four classes of notes are being refinanced at the top of the stack, with the class D deferrable floating-rate notes and the subordinated notes remaining outstanding.
The entire transaction maintains its Jan. 18, 2029 maturity date.
The refinanced class A-1-R notes come with a floating-rate of Libor plus 109 basis points, the class A-2-R floating-rate notes have a coupon of Libor plus 165 bps, the class B-R deferrable floating-rate notes bear a Libor plus 240 bps coupon and the class C-R deferrable floating-rate notes come with a Libor plus 375 bps rate.
The original transaction was issued on Dec. 21, 2016 with Credit Suisse Securities (USA) LLC as underwriter.
The CLO must contain at least 92.5% of senior secured loans and up to 7.5% of the portfolio can be second-lien loans, unsecured loans or first-lien last-out loans.
Proceeds from the new notes will be used to redeem the old notes.
The non-call period has been extended for the refinancing notes.
The portfolio company of business development company KCAP Financial, Inc. is based in New York.
| Issuer: | Catamaran CLO 2016-1 Ltd./Catamaran CLO 2016-1 LLC
|
| Amount: | $350 million
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| Maturity: | Jan. 18, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
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| Manager: | Trimaran Advisors, LLC
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| Pricing date: | Jan. 19
|
|
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| Class A-1-R notes
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| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2-R notes
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| Amount: | $48 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa1
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|
|
| Class B-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 240 bps
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| Rating: | Moody’s: A2
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|
|
| Class C-R notes
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| Amount: | $22 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3
|
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