Chicago, May 25 – Trinitas Capital Management, LLC priced $511 million of notes in a new collateralized loan obligation transaction that lists Trinitas CLO XV Ltd./Trinitas CLO XV LLC as co-issuers, according to a pre-sale report.
The CLO matures on April 22, 2034.
The portfolio includes $297 million of class A-1 senior secured floating-rate notes at Libor plus 111 basis points, $23 million of class A-2 2.31% senior secured fixed-rate notes, $50 million of class B-1 senior secured floating-rate notes at Libor plus 170 bps and $10 million of class B-2 3% senior secured fixed-rate notes.
Lower, there are $30 million of class C senior secured deferrable floating-rate notes at Libor plus 235 bps, $25 million of class D senior secured deferrable floating-rate notes at Libor plus 375 bps, $22.5 million of class E senior secured deferrable floating-rate notes at Libor plus 745 bps and $5 million of class F senior secured deferrable floating-rate notes at Libor plus 829 bps.
There are also $48.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC is the initial purchaser.
Trinitas Capital will select the collateral through the end of the reinvestment period on April 22, 2026.
Collateral is primarily composed of a portfolio of senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
The CLO is non-callable until April 22, 2023.
The credit investment management firm is based in Dallas.
| Issuers: | Trinitas CLO XV Ltd./Trinitas CLO XV LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $511 million
|
| Maturity: | April 22, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trinitas Capital Management, LLC
|
| Call feature: | April 22, 2023
|
| Settlement date: | April 22
|
|
|
| Class A-1 notes
|
| Amount: | $297 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 111 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $23 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.31%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 745 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
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| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 829 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $48.5 million
|
| Securities: | Subordinated notes
|
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