Chicago, Jan. 11 – Symphony Alternative Asset Management LLC refinanced for $404.53 million the collateralized loan obligation issued by Symphony CLO XXIII Ltd./Symphony CLO XXIII LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2034.
The refinanced CLO consists of $248 million of class A-R senior secured floating-rate notes at Libor plus 102 basis points, $56 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $15 million of class E-R senior secured deferrable floating-rate notes at Libor plus 615 bps and $37.53 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on Nov. 25, 2023.
Collateral will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 3, 2022.
BNP Paribas Securities Corp. was the placement agent.
Symphony Alternative Asset Management, subsidiary of Nuveen, is an investment management company based in New York.
| Issuer: | Symphony CLO XXIII Ltd./Symphony CLO XXIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404.53 million
|
| Maturity: | Jan. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | Dec. 3, 2022
|
| Settlement date: | Dec. 3
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.53 million
|
| Securities: | Subordinated notes
|
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