Chicago, Nov. 18 – Canyon CLO Advisors LLC refinanced for $458.5 million the collateralized loan obligation issued by Canyon CLO 2020-2 Ltd./Canyon CLO 2020-2 LLC, according to a pre-sale report.
The notes will now mature on Oct. 15, 2034.
The refinanced CLO consists of $283.5 million of class A-R senior secured floating-rate notes at Libor plus 119 basis points, $58.5 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $27 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $18 million of class E-R senior secured deferrable floating-rate notes at Libor plus 653 bps and $44.5 million of subordinated notes.
The CLO originally sold $270 million of class A floating-rate notes at Libor plus 145 bps, $51.75 million of class B-1 floating-rate notes at Libor plus 190 bps and $11.25 million of 2.27% class B-2 fixed-rate notes.
The CLO 2020-2 also initially priced $27 million of class C deferrable floating-rate notes at Libor plus 260 bps, $24.75 million of class D deferrable floating-rate notes at Libor plus 385 bps, $15.75 million of class E deferrable floating-rate notes at Libor plus 740 bps and $44.5 million of subordinated notes.
Canyon CLO Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
Credit Suisse Securities (USA) LLC was the placement agent.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon CLO 2020-2 Ltd./Canyon CLO 2020-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $458.5 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 15
|
|
|
| Class A-R notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $58.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 653 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
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