Chicago, July 26 – Symphony Alternative Asset Management LLC sold $363 million in a collateralized loan obligation being issued by Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC, according to a presale report.
The notes will mature on July 24, 2034.
The CLO consists of $248 million of class A senior secured floating-rate notes at SOFR plus 10 bps plus 190 basis points, $56 million of class B senior secured floating-rate notes at SOFR plus 10 bps plus 265 bps, $23 million of class C senior secured deferrable floating-rate notes at SOFR plus 315 bps, $23.2 million of class D senior secured deferrable floating-rate notes at SOFR plus 421 bps and $12.8 million of class E senior secured deferrable floating-rate notes at SOFR plus 756 bps.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on July 24, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 27, 2023.
J.P. Morgan Securities LLC was the placement agent.
Symphony Asset Management is a San Francisco-based asset management firm.
| Issuer: | Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC
|
| Issue: | Floating-rate notes
|
| Amount: | $363 million
|
| Maturity: | July 24, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | July 27, 2023
|
| Settlement date: | July 27
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 10 bps plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 10 bps plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 421 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 756 bps
|
| Rating: | S&P: BB-
|
|
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