Chicago, June 15 – Trinitas Capital Management, LLC refinanced for $612.4 million the collateralized loan obligation issued by Trinitas CLO X, Ltd., according to a supplemental indenture and a press release.
The notes will now mature on January 2035.
The refinanced CLO consists of $6 million of class X floating-rate notes at SOFR plus 90 basis points, $378 million of class A floating-rate notes at SOFR plus 138 bps, $53 million of class B-1 floating-rate notes at SOFR plus 205 bps, $21.5 million of class B-2 3.68% fixed-rate notes, $28 million of class C deferrable floating-rate notes at SOFR plus 250 bps, $37.5 million of class D deferrable floating-rate notes at SOFR plus 360 bps, $31 million of class E deferrable floating-rate notes at SOFR plus 729 bps, $4 million of class F deferrable floating-rate notes at SOFR plus 836 bps and $53.4 million of subordinated notes.
Trinitas Capital Management, LLC will manage the collateral through the end of the reinvestment period on January 2027.
Collateral for the notes consists of senior secured loans and eligible investments.
The notes can be called starting Jan. 15, 2024.
BNP Paribas Securities Corp. was the placement agent.
The credit investment management firm is based in Dallas.
Issuer: | Trinitas CLO X, Ltd.
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $612.4 million
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Maturity: | January 2035
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Structure: | Cash flow CLO
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Placement agent: | BNP Paribas Securities Corp.
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Manager: | Trinitas Capital Management, LLC
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Call feature: | Jan. 15, 2024
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Settlement date: | March 4
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Class X notes
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Amount: | $6 million
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Securities: | Floating-rate notes
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Coupon: | SOFR plus 90 bps
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Rating: | Moody's: Aaa
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Class A notes
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Amount: | $378 million
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Securities: | Floating-rate notes
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Coupon: | SOFR plus 138 bps
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Rating: | Moody's: Aaa
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Class B-1 notes
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Amount: | $53 million
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Securities: | Floating-rate notes
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Coupon: | SOFR plus 205 bps
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Rating: | Moody's: Aa2
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Class B-2 notes
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Amount: | $21.5 million
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Securities: | Fixed-rate notes
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Coupon: | 3.68%
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Rating: | Moody's: Aa2
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Class C notes
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Amount: | $28 million
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Securities: | Deferrable floating-rate notes
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Coupon: | SOFR plus 250 bps
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Rating: | Moody's: A2
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Class D notes
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Amount: | $37.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | SOFR plus 360 bps
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Rating: | Moody's: Baa3
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Class E notes
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Amount: | $31 million
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Securities: | Deferrable floating-rate notes
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Coupon: | SOFR plus 729 bps
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Rating: | Moody's: Ba3
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Class F notes
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Amount: | $4 million
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Securities: | Deferrable floating-rate notes
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Coupon: | SOFR plus 836 bps
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Rating: | Moody's: B3
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Subordinated notes
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Amount: | $53.4 million
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Securities: | Subordinated notes
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