Chicago, Nov. 29 – Par-Four Investment Management LLC refinanced and extended for $386.95 million the collateralized loan obligation issued by Tralee CLO V Ltd./Tralee CLO V LLC, according to a pre-sale report.
The notes will now mature on Oct. 20, 2034.
The refinanced CLO consists of $3.7 million of class A-X-R senior secured floating-rate notes at Libor plus 100 basis points, $240 million of class A-1-R senior secured floating-rate notes at Libor plus 125 bps, $45 million of class B-R senior secured floating-rate notes at Libor plus 200 bps, $18.5 million of class C-1-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $4 million of class C-F-R 3.74% senior secured deferrable fixed-rate notes, $22.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 381 bps, $15 million of class E-R senior secured deferrable floating-rate notes at Libor plus 787 bps, $2.25 million of class F-R senior secured deferrable floating-rate notes at Libor plus 889 bps and $36 million of subordinated notes..
Par-Four Investment Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Jefferies LLC was the placement agent.
| Issuer: | Tralee CLO V Ltd./Tralee CLO V LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $386.95 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Par-Four Investment Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Oct. 20
|
|
|
| Class A-X-R notes
|
| Amount: | $3.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $18.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class C-F-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.74%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 381 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 787 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $2.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 889 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
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