By Cristal Cody
Tupelo, Miss., April 18 – Symphony Asset Management LLC refinanced $460 million of notes due April 2028 from the 2016 Symphony CLO XVII, Ltd./Symphony CLO XVII, LLC collateralized loan obligation transaction, according to a market source and a notice of executed second supplemental indenture on Tuesday.
The CLO priced $320.75 million of class A-R senior floating-rate notes at Libor plus 88 basis points; $50.75 million of class B-R senior floating-rate notes at Libor plus 120 bps; $32 million of C-R deferrable mezzanine floating-rate notes at Libor plus 180 bps; $31.5 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 265 bps and $25 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 555 bps.
BofA Merrill Lynch arranged the transaction.
Symphony Asset Management will continue to manage the CLO.
The reset CLO has a one-year non-call period and a two-year reinvestment period.
Symphony CLO XVII originally was issued March 15, 2016 in a $512 million transaction.
The CLO had priced $280.75 million of class A-1 senior secured floating-rate notes at Libor plus 150 bps; $40 million of 2.85% class A-2 senior secured fixed-rate notes; $50.75 million of class B senior floating-rate notes at Libor plus 225 bps; $32 million of class C deferrable mezzanine floating-rate notes at Libor plus 335 bps; a $31.5 million slice of class D deferrable mezzanine floating-rate notes at Libor plus 480 bps; $25 million of class E deferrable mezzanine floating-rate notes at Libor plus 740 bps and $52 million of subordinated notes.
Proceeds from the refinancing were used to redeem the original notes.
The asset management firm is based in San Francisco.
| Issuer: | Symphony CLO XVII, Ltd./Symphony CLO XVII, LLC
|
| Amount: | $460 million refinancing
|
| Maturity: | April 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Merrill Lynch
|
| Manager: | Symphony Asset Management LLC
|
| Call feature: | April 2019
|
| Settlement date: | April 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $320.75 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 88 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $50.75 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $32 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $31.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $25 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody’s: Ba3
|
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