By Cristal Cody
Tupelo, Miss., May 27 - Carlyle Investment Management LLC priced $617.5 million of notes due 2025 in a collateralized loan obligation deal, according to a market source.
Carlyle Global Market Strategies CLO 2014-2, Ltd./Carlyle Global Market Strategies CLO 2014-2 LLC sold $377 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 147 basis points and $80 million of class B senior secured floating-rate notes (/AA/) at Libor plus 200 bps at the top of the capital structure.
The CLO also priced $40 million of class C deferrable floating-rate notes (/A/) at Libor plus 285 bps; $31.5 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 350 bps; $26.4 million of class E deferrable floating-rate notes (/BB/) at Libor plus 475 bps; $11.6 million of class F deferrable floating-rate notes (/B/) at Libor plus 550 bps and $51 million of subordinated notes.
Mitsubishi UFJ Securities (USA) Inc. was the placement agent.
Carlyle Investment Management will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Carlyle Investment Management, part of the Washington, D.C.-based Carlyle Group, was last in the U.S. market on Feb. 28 with the $726.5 million Carlyle Global Market Strategies CLO 2014-1, Ltd. deal.
| Issuer: | Carlyle Global Market Strategies CLO 2014-2, Ltd./Carlyle Global Market Strategies CLO 2014-2 LLC
|
| Amount: | $617.5 million
|
| Maturity: | 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Mitsubishi UFJ Securities (USA) Inc.
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | 2016
|
| Pricing date: | May 23
|
| Settlement date: | June 16
|
|
|
| Class A notes
|
| Amount: | $377 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $80 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $40 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Standard & Poor's: A
|
|
|
| Class D notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Standard & Poor's: BBB
|
|
|
| Class E notes
|
| Amount: | $26.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Standard & Poor's: BB
|
|
|
| Class F notes
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| Amount: | $11.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Standard & Poor's: B
|
|
|
| Equity tranche
|
| Amount: | $51 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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