Chicago, Feb. 19 – Trimaran Advisors, LLC sold $484.58 million of notes due April 23, 2032 in its first CLO of 2021 to be issued by Trimaran CAVU 2021-1 Ltd./Trimaran CAVU 2021-1 LLC, according to a report.
The portfolio includes $289.75 million of class A floating-rate notes at Libor plus 121 basis points, $71.25 million of class B floating-rate notes at Libor plus 160 bps, $28.5 million of class C deferrable floating-rate notes at Libor plus 210 bps, $26 million of class D deferrable floating-rate notes at Libor plus 345 bps, $17.875 million of class E deferrable floating-rate notes at Libor plus 650 bps and $51.2 million of subordinated notes.
The CLO will be managed by Trimaran Advisors during its reinvestment period which ends April 23, 2024.
The notes can be called after April 23, 2022.
Credit Suisse Securities (USA) LLC is the initial purchaser.
The transaction is collateralized by 92.5% of senior secured loans, cash and eligible investment with at least 80% of borrowers based in the United States.
The manager is a subsidiary of New York-based LibreMax Capital, LLC.
| Issuers: | Trimaran CAVU 2021-1 Ltd./Trimaran CAVU 2021-1 LLC
|
| Amount: | $484.58 million
|
| Maturity: | April 23, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
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| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Call: | April 23, 2022
|
| Pricing date: | Feb. 19
|
| Settlement date: | March 5
|
|
|
| Class A notes
|
| Amount: | $289.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $71.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $28.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $17.875 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $51.2 million
|
| Securities: | Subordinated notes
|
| Rating: | S&P: NR
|
|
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