By Cristal Cody
Tupelo, Miss., Oct. 23 – Trimaran Advisors, LLC sold $510.2 million of notes and loans due Nov. 26, 2032 in its second collateralized loan obligation transaction of the year, according to market sources.
Trimaran Cavu 2019-2 Ltd./Trimaran Cavu 2019-2 LLC sold $63 million of class A-NA floating-rate notes at Libor plus 139 basis points, $300 million of class A-L loans at Libor plus 153 bps and $12 million of 3.877% class A-NB fixed-rate notes.
Trimaran Cavu 2019-2 also priced $35 million of 5.002% class B fixed-rate notes, $30 million of class C floating-rate notes at Libor plus 472 bps, $17.5 million of class D floating-rate notes at Libor plus 695 bps and $52.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are collateralized primarily by broadly syndicated senior secured loans.
Trimaran Advisors has priced two CLOs year to date.
The manager is a subsidiary of New York-based LibreMax Capital, LLC.
Issuer: | Trimaran Cavu 2019-2 Ltd./Trimaran Cavu 2019-2 LLC
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Amount: | $510.2 million
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Maturity: | Nov. 26, 2032
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Securities: | Loans and fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Trimaran Advisors, LLC
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Call feature: | Two years
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Pricing date: | Oct. 18
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Settlement date: | Nov. 26
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Class A-NA notes
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Amount: | $63 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 139 bps
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Rating: | S&P: AAA
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Class A-L loans
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Amount: | $300 million
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Securities: | Loans
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Coupon: | Libor plus 153 bps
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Rating: | S&P: AA
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Class A-NB notes
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Amount: | $12 million
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Securities: | Fixed-rate notes
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Coupon: | 3.877%
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Rating: | S&P: AA
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Class B notes
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Amount: | $35 million
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Securities: | Fixed-rate notes
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Coupon: | 5.002%
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Rating: | S&P: A
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Class C notes
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Amount: | $30 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 472 bps
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Rating: | S&P: BBB-
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Class D notes
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Amount: | $17.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 695 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $52.7 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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