Chicago, Aug. 2 – Trimaran Advisors, LLC priced $403.5 million of notes in a collateralized loan obligation being issued by Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC, according to a presale report.
The notes will mature on July 20, 2036.
The CLO consists of $252 million of class A senior secured floating-rate notes at SOFR plus 205 basis points, $52 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $22.6 million of class C senior secured deferrable floating-rate notes at SOFR plus 340 bps, $21.8 million of class D senior secured deferrable floating-rate notes at SOFR plus 550 bps, $12.4 million of class E senior secured deferrable floating-rate notes at SOFR plus 894 bps and $42.7 million of subordinated notes.
Trimaran Advisors, LLC will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 20, 2025.
J.P. Morgan Securities LLC was the placement agent.
The manager is a subsidiary of New York-based LibreMax Capital, LLC.
| Issuer: | Trimaran CAVU 2023-1 Ltd./Trimaran CAVU 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $403.5 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Call feature: | July 20, 2025
|
| Pricing date: | July 31
|
| Settlement date: | Aug. 23
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $21.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $12.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 894 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.7 million
|
| Securities: | Subordinated notes
|
|
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