Chicago, April 6 – Canyon CLO Advisors LLC priced a $404.3 million collateralized loan obligation transaction due April 17, 2034, according to a pre-sale report.
The notes are being issued by Canyon Capital CLO 2021-1, Ltd./Canyon Capital CLO 2021-1, LLC.
There are $4 million of class X senior secured floating-rate notes at Libor plus 80 basis points, $252 million of class A senior secured floating-rate notes at Libor plus 106 bps and $52 million of class B senior secured floating-rate notes at Libor plus 155 bps.
Additionally, the CLO has $19 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $24.5 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $19.5 million of class E senior secured deferrable floating-rate notes at Libor plus 641 bps and $26.6 million of class F 10% senior secured deferrable fixed-rate notes.
There are $6.7 million of subordinated notes.
The notes can be called starting in April 2023.
The reinvestment period ends in April 2026.
Canyon CLO Advisors will manage the portfolio of non-investment-grade broadly syndicated loans and other assets.
J.P. Morgan Securities, LLC is the underwriter.
The alternative asset manager is based in Los Angeles.
| Issuers: | Canyon Capital CLO 2021-1, Ltd./Canyon Capital CLO 2021-1, LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $404.3 million
|
| Maturity: | April 17, 2034
|
| Agent: | J.P. Morgan Securities, LLC
|
| Manager: | Canyon CLO Advisors LLC
|
| Call: | April 2023
|
| Pricing date: | April 2
|
| Settlement date: | April 14
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class E notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 641 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $26.6 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 10%
|
|
|
| Subordinated notes
|
| Amount: | $6.7 million
|
| Securities: | Subordinated notes
|
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