By Cristal Cody
Tupelo, Miss., May 11 – Carlyle Investment Management LLC refinanced $429.1 million of notes due April 20, 2022 at par in the Carlyle Global Market Strategies CLO 2012-1, Ltd./Carlyle Global Market Strategies CLO 2012-1 LLC transaction, according to details from a market source.
The CLO priced $320 million of class A-R floating-rate notes at Libor plus 123 basis points, tighter than where the notes originally priced at Libor plus 143 bps.
The CLO sold $50 million of class B-R floating-rate notes at Libor plus 180 bps, better than the original Libor plus 255 bps spread.
The CLO refinanced $35.1 million of class C-R floating-rate notes at Libor plus 260 bps, compared with where the notes first priced at Libor plus 380 bps.
The $24 million slice of class D-R floating-rate notes was refinanced Libor plus 375 bps. The notes originally priced at Libor plus 415 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
Carlyle Investment Management is the CLO manager.
The CLO is backed primarily by first-lien senior secured corporate loans.
Proceeds from the offering were used to redeem the original notes.
Carlyle Investment Management has priced two U.S. CLO deals in 2015.
The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2012-1, Ltd./Carlyle Global Market Strategies CLO 2012-1 LLC
|
| Amount: | $429.1 million refinancing
|
| Securities: | Floating-rate notes
|
| Maturity: | April 20, 2022
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Settlement date: | April 20
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-R notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $35.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BBB
|
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