By Cristal Cody
Tupelo, Miss., Dec. 4 – Trimaran Advisors, LLC priced $548.05 million of notes in a refinancing and reset of the Catamaran CLO 2013-1 Ltd./Catamaran CLO 2013-1 LLC transaction, according to a market source on Monday.
The CLO sold $4.2 million of class X floating-rate notes at Libor plus 55 basis points; $341.25 million of class A-R floating-rate notes at Libor plus 85 bps; $57.4 million of class B-R floating-rate notes at Libor plus 135 bps; $28.9 million of class C-R floating-rate notes at Libor plus 180 bps; $31.3 million of class D-R floating-rate notes at Libor plus 280 bps; $24.1 million of class E-R floating-rate notes at Libor plus 560 bps; $10.5 million of class F-R floating-rate notes at Libor plus 715 bps and $50.4 million of subordinated notes.
J.P. Morgan Securities LLC was the refinancing placement agent.
Trimaran Advisors will continue to manage the CLO.
The maturity on the refinanced notes was extended to Jan. 27, 2028 from the original Jan. 27, 2025 maturity.
In the original $465 million offering issued June 27, 2013, the CLO sold $277.8 million of class A floating-rate notes at Libor plus 115 bps; $61 million of class B floating-rate notes at Libor plus 175 bps; $33.75 million of class C deferrable floating-rate notes at Libor plus 260 bps; $23.35 million of class D deferrable floating-rate notes at Libor plus 375 bps; $19.7 million of class E deferrable floating-rate notes at Libor plus 500 bps; $10.7 million of class F deferrable floating-rate notes at Libor plus 550 bps and $38.7 million of subordinated notes.
Proceeds from the refinancing will be used to redeem the original notes.
The CLO is backed primarily by first-lien senior secured loans.
Trimaran Advisors has refinanced two CLOs year to date.
The portfolio company of business development company KCAP Financial, Inc. is based in New York.
| Issuer: | Catamaran CLO 2013-1 Ltd./Catamaran CLO 2013-1 LLC
|
| Amount: | $548.05 million refinancing
|
| Maturity: | Jan. 27, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Settlement date: | Dec. 20
|
|
|
| Class X notes
|
| Amount: | $4.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 55 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $341.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Non-rated
|
|
|
| Class C-R notes
|
| Amount: | $28.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Non-rated
|
|
|
| Class D-R notes
|
| Amount: | $31.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Non-rated
|
|
|
| Class E-R notes
|
| Amount: | $24.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 560 bps
|
| Rating: | Non-rated
|
|
|
| Class F-R notes
|
| Amount: | $10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 715 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $50.4 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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