By Cristal Cody
Eureka Springs, Ark., Nov. 30 – Symphony Asset Management LLC sold $504 million of notes due Jan. 23, 2028 in the Symphony CLO XVIII, Ltd. collateralized loan obligation transaction, according to a market source.
The CLO priced $310 million of class A senior floating-rate notes at Libor plus 143 basis points; $70 million of class B senior floating-rate notes at Libor plus 180 bps; $28.75 million of class C deferrable mezzanine floating-rate notes at Libor plus 250 bps; $31.25 million of class D deferrable mezzanine floating-rate notes at Libor plus 400 bps; $20 million of class E deferrable mezzanine floating-rate notes at Libor plus 635 bps and $44 million of subordinated notes
BNP Paribas Securities Corp. arranged the transaction.
Symphony Asset Management will manage the CLO.
The CLO has a non-call period that ends July 23, 2019 and a reinvestment period that ends July 23, 2021.
The transaction is collateralized primarily by first-lien senior secured loans and eligible investments.
Symphony Asset Management has priced three CLO deals and refinanced one vintage CLO year to date.
The San Francisco-based asset management firm sold one CLO and refinanced one vintage CLO in 2015.
| Issuer: | Symphony CLO XVIII, Ltd.
|
| Amount: | $504 million
|
| Maturity: | Jan. 23, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Symphony Asset Management LLC
|
| Call feature: | July 23, 2019
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 12
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $28.75 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $31.25 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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