Chicago, Sept. 23 – Symphony Alternative Asset Management LLC sold $508.17 million in a collateralized loan obligation being issued by Symphony CLO XXVIII Ltd./Symphony CLO XXVIII LLC, according to a pre-sale report.
The notes will mature on Oct. 23, 2034.
The CLO consists of $1 million of class X senior secured floating-rate notes at Libor plus 80 basis points, $250 million of class A senior secured floating-rate notes at Libor plus 114 bps, $50 million of class A senior secured floating-rate loans at Libor plus 114 bps, $80 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 315 bps, $18.75 million of class E senior secured deferrable floating-rate notes at Libor plus 610 bps and $48.42 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 23, 2026.
Collateral comes primarily from senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called starting Oct. 23, 2023.
SG Americas Securities LLC was the placement agent.
Symphony Alternative Asset Management, subsidiary of Nuveen, is an investment management company based in New York.
| Issuer: | Symphony CLO XXVIII Ltd./Symphony CLO XXVIII LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $508.17 million
|
| Maturity: | Oct. 23, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities LLC
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | Oct. 23, 2023
|
| Settlement date: | Sept. 14
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $80 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.42 million
|
| Securities: | Subordinated notes
|
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