By Cristal Cody
Tupelo, Miss., July 23 – Symphony Asset Management LLC sold $310 million of notes due Jan. 23, 2028 in a refinancing of the AAA-rated tranche in the Symphony CLO XVIII, Ltd. collateralized loan obligation transaction, according to market sources.
The CLO priced $310 million of class A-R senior floating-rate notes at Libor plus 115 basis points.
Nomura Securities International, Inc. was the refinancing placement agent.
Symphony Asset Management will continue to manage the CLO.
In the original $504 million transaction issued Dec. 12, 2016, the CLO priced $310 million of class A senior floating-rate notes at Libor plus 143 bps.
The original deal also sold $70 million of class B senior floating-rate notes at Libor plus 180 bps; $28.75 million of class C deferrable mezzanine floating-rate notes at Libor plus 250 bps; $31.25 million of class D deferrable mezzanine floating-rate notes at Libor plus 400 bps; $20 million of class E deferrable mezzanine floating-rate notes at Libor plus 635 bps; and $44 million of subordinated notes.
Proceeds from the refinancing were used to redeem the class A notes.
The CLO is collateralized primarily by first-lien senior secured loans and eligible investments.
Symphony Asset Management has issued two new dollar-denominated CLOs and refinanced two vintage CLOs year to date.
The asset management firm is based in San Francisco.
| Issuer: | Symphony CLO XVIII, Ltd.
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| Amount: | $310 million refinancing
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| Maturity: | Jan. 23, 2028
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Nomura Securities International, Inc.
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| Manager: | Symphony Asset Management LLC
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| Settlement date: | July 23
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| Class A-R notes
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| Amount: | $310 million
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| Securities: | Senior floating-rate notes
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| Coupon: | Libor plus 115 bps
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| Ratings: | Moody’s: Aaa
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| S&P: AAA
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