Chicago, Jan. 3 – Trinitas Capital Management LLC sold $498.25 million in a collateralized loan obligation being issued by Trinitas CLO XXI Ltd./Trinitas CLO XXI LLC, according to a presale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $310 million of class A senior secured floating-rate notes at SOFR plus 235 basis points, $58.5 million of class B-1 senior secured floating-rate notes at SOFR plus 325 bps, $6.5 million of class B-2 6.47% senior secured fixed-rate notes, $28.75 million of class C senior secured deferrable floating-rate notes at SOFR plus 420 bps, $26.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 632 bps, $16.25 million of class E senior secured deferrable floating-rate notes at SOFR plus 866 bps and $52 million of subordinated notes.
Trinitas Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2025.
Credit Suisse Securities (USA) LLC was the placement agent.
The credit investment management firm is based in Dallas.
| Issuer: | Trinitas CLO XXI Ltd./Trinitas CLO XXI LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $498.25 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trinitas Capital Management LLC
|
| Call feature: | Jan. 20, 2025
|
| Settlement date: | Jan. 6, 2023
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
|
|
| Class B-1 notes
|
| Amount: | $58.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $6.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.47%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $28.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 632 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 866 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $52 million
|
| Securities: | Subordinated notes
|
|
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