Chicago, July 24 – Carlyle CLO Management LLC priced a $499.4 million broadly syndicated CLO due July 20, 2031 with Carlyle US CLO 2020-1 Ltd./Carlyle US CLO 2020-1 LLC listed as the issuer, according to a report.
The top of the capital stack includes $300 million class A-1 floating-rate notes at Libor plus 164 basis points and $80 million class A-2 floating-rate notes at Libor plus 220 bps.
The deal also includes $20 million class B-1 deferrable floating-rate notes at Libor plus 270 bps, $10 million class B-2 deferrable floating-rate notes at Libor plus 315 bps, $15 million class C-1 deferrable floating-rate notes at Libor plus 400 bps, $10 million class C-2 deferrable floating-rate notes at Libor plus 510 bps and $17.5 million class D deferrable floating-rate notes at Libor plus 779 bps.
There are also $46.9 million subordinated notes.
Citigroup Global Markets Inc. is the arranger.
The reinvestment period ends on July 20, 2023.
Carlyle CLO Management is a subsidiary of Washington, D.C.-based Carlyle Group LP. This is the group’s first transaction in 2020.
| Issuer: | Carlyle US CLO 2020-1 Ltd./Carlyle US CLO 2020-1 LLC
|
| Amount: | $499.4 million
|
| Maturity: | July 20, 2031
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Carlyle CLO Management LLC
|
| Arranger: | Citigroup Global Markets Inc.
|
| Call feature: | End date of July 20, 2021
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 27
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 164 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $80 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1 notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A+
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class C-2 notes
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| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
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| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 779 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.9 million
|
| Securities: | Subordinated notes
|
|
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