By Cady Vishniac
Detroit, Jan. 11 – Canyon CLO Advisors LLC priced $505.75 million of notes due Jan. 15, 2034 in the manager’s first collateralized loan obligation offering of the year, according to market sources.
Canyon CLO 2020-3 Ltd./Canyon CLO 2020-3 LLC sold $310 million of class A-1 floating-rate notes at Libor plus 138 basis points, $10 million of class A-2 floating-rate notes at Libor plus 155 bps and $60 million of class B floating-rate notes at Libor plus 170 bps.
The CLO also priced $30 million of class C deferrable floating-rate notes at Libor plus 250 bps, $25 million of class D deferrable floating-rate notes at Libor plus 370 bps, $18.75 million of class E deferrable floating-rate notes at Libor plus 725 bps and $52 million of subordinated notes.
Barclays was the placement agent.
Canyon CLO Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated speculative-grade senior secured term loans.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon CLO 2020-3 Ltd./Canyon CLO 2020-3 LLC
|
| Amount: | $505.75 million
|
| Maturity: | Jan. 15, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | Two years
|
| Settlement date: | Jan. 13
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $52 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
