By Cristal Cody
Tupelo, Miss., Sept. 27 - Symphony Asset Management LLC priced an $832.5 million collateralized loan obligation offering of notes due Oct. 15, 2025, according to a market source.
In the deal, Symphony CLO XII, Ltd./Symphony CLO XII LLC sold $500 million of class A senior floating-rate notes (//AAA) at Libor plus 130 basis points; $61 million of class B-1 senior floating-rate notes at Libor plus 175 bps; $45 million of 4.08% class B-2 senior fixed-rate notes; $47 million of class C deferrable floating-rate notes at Libor plus 275 bps; $51 million of class D deferrable floating-rate notes at Libor plus 350 bps; $34 million of class E deferrable floating-rate notes at Libor plus 490 bps; $21 million of class F deferrable floating-rate notes at Libor plus 515 bps and $73.5 million of subordinated notes.
BofA Merrill Lynch was the placement agent for the transaction, which is expected to close on Oct. 24.
The notes have a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $800 million of primarily senior secured leveraged loans.
The Symphony CLO XII is the second CLO priced in 2013 by Symphony Asset Management, a San Francisco-based asset management firm that manages about 10 CLOs. The firm brought the $827.5 million Symphony CLO XI Ltd. transaction in February.
| Issuer: | Symphony CLO XII, Ltd./Symphony CLO XII LLC
|
| Amount: | $832.5 million
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Symphony Asset Management LLC
|
| Call feature: | October 2015
|
| Settlement date: | Oct. 24
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $500 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $61 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $45 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 4.08%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $47 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $51 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $34 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 490 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $73.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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