By Cristal Cody
Tupelo, Miss., Nov. 13 – Symphony Asset Management LLC priced a $622.5 million collateralized loan obligation deal, according to a market source.
The Symphony CLO XV, Ltd./Symphony CLO XV LLC vehicle sold $3 million of class X floating-rate notes at Libor plus 100 basis points; $378 million of class A floating-rate notes at Libor plus 145 bps; $63 million of class B-1 floating-rate notes at Libor plus 220 bps; $15 million of 4.21% class B-2 fixed-rate notes; $33 million of class C floating-rate notes at Libor plus 320 bps; $33 million of class D floating-rate notes at Libor plus 375 bps; $33 million of class D floating-rate notes at Libor plus 375 bps; $30 million of class E floating-rate notes at Libor plus 505 bps; $12 million of class F floating-rate notes at Libor plus 575 bps and $55.5 million of subordinated notes.
BofA Merrill Lynch arranged the offering.
CLO manager Symphony Asset Management previously priced the $838 million Symphony CLO XIV, Ltd./Symphony CLO XIV LLC deal on May 6, 2014.
The San Francisco-based asset management firm brought two CLO transactions in 2013.
| Issuer: | Symphony CLO XV, Ltd./Symphony CLO XV LLC
|
| Amount: | $622.5 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Symphony Asset Management LLC
|
| Pricing date: | Oct. 17
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A notes
|
| Amount: | $378 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
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| Amount: | $63 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
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| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.21%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 505 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
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| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: B2 expected
|
|
|
| Equity tranche
|
| Amount: | $55.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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