Chicago, March 25 – Par-Four CLO Management LLC priced a new $406.8 million broadly syndicated collateralized loan obligation transaction due April 25, 2034 coming from Tralee CLO VII Ltd./Tralee CLO VII LLC, according to a pre-sale report.
At the top of the portfolio are $240 million of class A-1 senior secured floating-rate notes at Libor plus 132 basis points, $16 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps and $48 million of class B senior secured floating-rate notes at Libor plus 155 bps.
Lower, there are $14 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 235 bps, $10 million of class C-2 3.78% senior secured deferrable fixed-rate notes, $22 million of class D senior secured deferrable floating-rate notes at Libor plus 318 bps and $16 million of class E senior secured deferrable floating-rate notes at Libor plus 739 bps.
There are also $40.8 million of subordinated notes.
Par-Four will manage the portfolio through the end of the reinvestment period on April 25, 2026.
Collateral comes mostly from senior secured loans, cash and eligible investment with most borrowers based in the United States or Canada.
Call protection is split on the portfolio. The class A-1 notes can be called after June 25, 2023, but the rest of the notes can be called after April 25, 2023.
J.P. Morgan Securities LLC is the placement agent.
| Issuer: | Tralee CLO VII Ltd./Tralee CLO VII LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $406.8 million
|
| Maturity: | April 25, 2034
|
| Agent: | J.P. Morgan Securities LLC
|
| Manager: | Par-Four CLO Management LLC
|
| Call: | June 25, 2023 for class A-1 notes; April 25, 2023 for all other notes
|
| Announcement date: | March 24
|
| Settlement date: | March 25
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.78%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 318 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 739 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.8 million
|
| Securities: | Subordinated notes
|
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