Symphony Asset Management plans second reprint of vintage 2014 Symphony CLO XIV notes

By Cristal Cody

Tupelo, Miss., Oct. 1 – Symphony Asset Management LLC plans to refinance four tranches of notes due July 15, 2026 in a second refinancing of the vintage 2014 Symphony CLO XIV, Ltd./Symphony CLO XIV, LLC collateralized loan obligation transaction, according to a notice of proposed fifth and proposed sixth supplemental indenture and Prospect News data.

The deal includes class A-R senior floating-rate notes, class B-R senior floating-rate notes, class C-R deferrable mezzanine floating-rate notes and class D-R deferrable mezzanine floating-rate notes.

BNP Paribas Securities Corp. is the refinancing placement agent.

Symphony Asset Management will continue to manage the CLO.

Symphony CLO XIV originally was issued May 22, 2014 in an $838 million transaction and was first refinanced on Jan. 17, 2017.

In the original issuance, the CLO priced $5 million of class X floating-rate notes at Libor plus 100 basis points, $250 million of class A-1 floating-rate notes at Libor plus 137 bps, $236 million of class A-2 floating-rate notes at Libor plus 148 bps and $10 million of 3.5% class A-3 fixed-rate notes.

The CLO also sold $73 million of class B-1 floating-rate notes at Libor plus 200 bps, $35 million of 4.4% class B-2 fixed-rate notes, $25 million of class C-1 floating-rate notes at Libor plus 295 bps, $15 million of 5.5% class C-2 fixed-rate notes, $26 million of class D-1 floating-rate notes at Libor plus 340 bps, $26 million of class D-2 floating-rate notes at Libor plus 360 bps, $48 million of class E floating-rate notes at Libor plus 460 bps, $16 million of class F floating-rate notes at Libor plus 500 bps and $73 million of subordinated notes.

In the refinancing, the CLO sold $250 million of class A-1-R senior floating-rate notes, $236 million of class A-2-R senior floating-rate notes, $10 million of class A-3-R senior fixed-rate notes, $73 million of class B-1-R senior floating-rate notes, $35 million of class B-2-R senior fixed-rate notes, $25 million of class C-1-R deferrable mezzanine floating-rate notes and $15 million of class C-2-R deferrable mezzanine fixed-rate notes.

Proceeds from the refinancing will be used to redeem some of the outstanding notes on Oct. 15.

The asset management firm is based in San Francisco.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.