Chicago, June 24 – Trinitas Capital Management LLC sold $498.71 million in a collateralized loan obligation being issued by Trinitas CLO XX Ltd./Trinitas CLO XX LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $305 million of class A-1 senior secured floating-rate notes at SOFR plus 153 basis points, $15 million of class A-2 4.75% senior secured fixed-rate notes, $60 million of class B senior secured floating-rate notes at SOFR plus 246 bps, $28 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $20.5 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 470 bps, $8.5 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 585 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 815 bps, $1 million of class F senior secured deferrable floating-rate notes at SOFR plus 833 bps and $44.71 million of subordinated notes.
Trinitas Capital Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 28, 2024.
J.P. Morgan Securities LLC was the placement agent.
The credit investment management firm is based in Dallas.
| Issuer: | Trinitas CLO XX Ltd./Trinitas CLO XX LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $498.71 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Trinitas Capital Management LLC
|
| Call feature: | June 28, 2024
|
| Settlement date: | June 28
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.75%
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 246 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 470 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2 notes
|
| Amount: | $8.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 585 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 815 bps
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 833 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $44.71 million
|
| Securities: | Subordinated notes
|
|
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