Chicago, Aug. 29 – Trinitas Capital Management LLC sold $498.24 million of notes in a collateralized loan obligation being issued by Trinitas CLO XXIII Ltd./Trinitas CLO XXIII LLC, according to a presale report.
The notes will mature on Oct. 20, 2036.
The CLO consists of $310 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $59.5 million of class B-1 senior secured floating-rate notes at SOFR plus 270 bps, $10.5 million of class B-2 6.46% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 325 bps, $28.75 million of class D senior secured deferrable floating-rate notes at SOFR plus 535 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 787 bps and $44.485 million of subordinated notes.
Trinitas Capital Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 8, 2025.
J.P. Morgan Securities LLC was the placement agent.
The credit investment management firm is based in Dallas.
| Issuer: | Trinitas CLO XXIII Ltd./Trinitas CLO XXIII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $498.235 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Trinitas Capital Management LLC
|
| Call feature: | Sept. 8, 2025
|
| Pricing date: | Aug. 22
|
| Settlement date: | Sept. 8
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $59.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.46%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 535 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 787 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.485 million
|
| Securities: | Subordinated notes
|
|
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