Chicago, March 17 – Teachers Advisors LLC refinanced and extended the vintage collateralized loan obligation transaction now issued by Symphony CLO XXVI Ltd./Symphony CLO XXVI LLC, according to a pre-sale report.
The maturity date has been extended four years. The portfolio was originally issued by TIAA CLO IV Ltd.
The refinancing notes, now due April 20, 2033, consist of $4.5 million of class X senior secured floating-rate notes at Libor plus 55 bps, $384 million of class A-R senior secured floating-rate notes at Libor plus 108 bps, $52 million of class B-1R senior secured floating-rate notes at Libor plus 150 bps and $20 million of class B-2R 2.368% senior secured fixed-rate notes.
Lower in the portfolio are $39 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $33 million of class D-R senior secured deferrable floating-rate notes at Libor plus 340 bps and $22.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 750 bps.
The are $70.64 million of subordinated notes.
Teachers Advisors will direct the acquisition and disposal of collateral for the portfolio through the extended reinvestment period end date, April 20, 2024. The reinvestment period has been extended three years.
Proceeds from the refinancing notes will be used to fully redeem earlier notes in the portfolio.
Wells Fargo Securities LLC is the initial purchaser.
The notes do not have a call date.
Teachers Advisors LLC is a subsidiary of TIAA Global Asset Management.
| Issuers: | Symphony CLO XXVI Ltd./Symphony CLO XXVI LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $625.64 million
|
| Maturity: | April 20, 2033
|
| Agent: | Wells Fargo Securities LLC
|
| Manager: | Teachers Advisors LLC
|
| Call: | No call
|
| Pricing date: | March 16
|
| Settlement date: | March 18
|
|
|
| Class X notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 55 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 108 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1R notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2R notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.368%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $70.64 million
|
| Securities: | Subordinated notes
|
|
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