Chicago, Dec. 6 – Trimaran Advisors LLC sold $407.45 million in a collateralized loan obligation being issued by Trimaran CAVU 2021-2 Ltd./Trimaran CAVU 2021-2 LLC, according to a pre-sale report.
The notes will mature on Oct. 25, 2034.
The CLO consists of $252 million of class A senior secured floating-rate notes at Libor plus 122 basis points, $39 million of class B-1 senior secured floating-rate notes at Libor plus 175 bps, $13 million of class B-2 3.2% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 245 bps, $16 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 325 bps, $8 million of class D-2 senior secured deferrable floating-rate notes at Libor plus 475 bps, $15.4 million of class D senior secured deferrable floating-rate notes at Libor plus 720 bps and $40.05 million of subordinated notes.
Trimaran Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 25, 2026.
Collateral for the notes comes from a portfolio of syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2023.
Deutsche Bank Securities Inc. was the placement agent.
The manager is a subsidiary of New York-based LibreMax Capital, LLC.
| Issuer: | Trimaran CAVU 2021-2 Ltd./Trimaran CAVU 2021-2 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $407.45 million
|
| Maturity: | Oct. 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Trimaran Advisors LLC
|
| Call feature: | Oct. 25, 2023
|
| Settlement date: | Nov. 10
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $13 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.2%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $15.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 720 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.05 million
|
| Securities: | Subordinated notes
|
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