By Cristal Cody
Eureka Springs, Ark., Oct. 18 – Carlyle Investment Management LLC priced $620.25 million of notes in a refinancing of the vintage Carlyle Global Market Strategies CLO 2012-4, Ltd./Carlyle Global Market Strategies CLO 2012-4 LLC deal, according to a market source.
The CLO sold $377.5 million of class A-R floating-rate notes at Libor plus 145 basis points; $80.5 million of class B-R floating-rate notes at Libor plus 190 bps; $41.9 million of class C-1-R floating-rate notes at Libor plus 260 bps; $5 million of 3.9% class C-2R fixed-rate notes; $27.8 million of class D-R floating-rate notes at Libor plus 410 bps and $26 million of class E-R floating-rate note at Libor plus 751 bps.
The deal also included the $61.55 million equity tranche.
Morgan Stanley & Co. LLC was the refinancing agent.
Carlyle will continue to manage the CLO.
The maturity on the refinanced notes was extended to Jan. 20, 2029 from Jan. 20, 2025.
The CLO has a non-call period that ends Jan. 20, 2019 and a reinvestment period that ends Jan. 20, 2021.
Proceeds from the transaction will be used to redeem the original class A, B-1, B-2, C, D and E notes on Thursday.
Carlyle Investment Management has refinanced tranches from four vintage CLOs and priced three new U.S. CLO deals year to date.
The asset management firm, an affiliate of the Washington, D.C.-based Carlyle Group, priced five U.S. broadly syndicated CLO transactions and one middle-market CLO offering in 2015.
| Issuer: | Carlyle Global Market Strategies CLO 2012-4, Ltd./Carlyle Global Market Strategies CLO 2012-4 LLC
|
| Amount: | $620.25 million refinancing
|
| Maturity: | Jan. 20, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Jan. 20, 2019
|
| Refinancing date: | Oct. 20
|
|
|
| Class A-R notes
|
| Amount: | $377.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $80.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $41.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.9%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 751 bps
|
| Rating: | S&P: BBB
|
|
|
| Equity
|
| Amount: | $61.55 million
|
| Securities: | Subordinated notes
|
| Rating: | S&P: BBB
|
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