By Cristal Cody
Tupelo, Miss., Feb. 26 – Canyon CLO Advisors LLC priced $404.9 million of notes due April 15, 2032 in a new collateralized loan obligation offering, according to a market source.
Canyon Capital CLO 2019-1, Ltd. sold $256 million of class A senior secured floating-rate notes at Libor plus 137 basis points and $48 million of class B senior secured floating-rate notes at Libor plus 200 bps.
The CLO placed $19.4 million of class C senior secured deferrable floating-rate notes at Libor plus 280 bps; $24.4 million of class D senior secured deferrable floating-rate notes at Libor plus 385 bps; $20.2 million of class E senior secured deferrable floating-rate notes at Libor plus 715 bps and $36.9 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
Canyon CLO Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by first-lien senior secured loans.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon Capital CLO 2019-1, Ltd.
|
| Amount: | $404.9 million
|
| Maturity: | April 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 19
|
| Settlement date: | March 28
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $19.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 715 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $36.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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