Chicago, Nov. 20 – Symphony Alternative Asset Management LLC sold $399.4 million in a collateralized loan obligation being issued by Symphony CLO 40 Ltd./Symphony CLO 40 LLC, according to a presale report.
The notes will mature on Jan. 14, 2034.
The CLO consists of $183 million of class A-1 senior secured floating-rate notes at SOFR plus 164 basis points, $69 million of class A-1-L senior secured floating-rate loans at SOFR plus 164 bps, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $14 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 275 bps, $8 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 345 bps, $26 million of class D senior secured deferrable floating-rate notes at SOFR plus 500 bps, $11 million of class E senior secured deferrable floating-rate notes at SOFR plus 778.5 bps and $36.4 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on Nov. 22, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 22, 2024.
BNP Paribas Securities Corp. was the placement agent.
Symphony Asset Management is a San Francisco-based asset management firm and is an affiliate of Nuveen Asset Management, LLC.
| Issuer: | Symphony CLO 40 Ltd./Symphony CLO 40 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $399.4 million
|
| Maturity: | Jan. 14, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | Nov. 22, 2024
|
| Pricing date: | Nov. 14
|
| Settlement date: | Nov. 22
|
|
|
| Class A-1 notes
|
| Amount: | $183 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 164 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-L loans
|
| Amount: | $69 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 164 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 778.5 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.4 million
|
| Securities: | Subordinated notes
|
|
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