By Cristal Cody
Tupelo, Miss., July 13 – Triumph Capital Advisors, LLC closed Friday on a new $509.6 million collateralized loan obligation offering of notes due in July 2031, according to a market source.
Trinitas CLO VIII Ltd./Trinitas CLO VIII LLC priced $320 million of class A floating-rate notes at Libor plus 110 basis points; $55 million of class B floating-rate notes at Libor plus 175 bps; $26.5 million of class C floating-rate notes at Libor plus 210 bps; $32.5 million of class D floating-rate notes at Libor plus 310 bps; $26 million of class E floating-rate notes at Libor plus 590 bps and $49.6 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 deal is collateralized primarily by broadly syndicated senior secured corporate loans.
Triumph Capital Advisors has priced one new CLO and refinanced one vintage CLO year to date.
The CLO manager and subsidiary of Dallas-based Triumph Bancorp, Inc. priced two new CLOs in 2017.
| Issuer: | Trinitas CLO VIII Ltd./Trinitas CLO VIII LLC
|
| Amount: | $509.6 million
|
| Maturity: | July 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Triumph Capital Advisors, LLC
|
| Call feature: | Two years
|
| Pricing date: | June 12
|
| Settlement date: | July 13
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $26.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $49.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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