By Cristal Cody
Tupelo, Miss., Aug. 18 – CBAM CLO Management LLC refinanced $87.5 million of notes due July 22, 2030 from a vintage 2017 collateralized loan obligation deal, according to market sources.
CBAM 2017-1, Ltd./CBAM 2017-1 LLC priced the class A-2-R fixed-rate notes with a 2.488% coupon.
MUFG was the refinancing placement agent.
The notes were originally priced with a 3.44% coupon as part of the $1,567,500,000 2017-1 CLO transaction that was issued June 29, 2017.
Proceeds will be used to redeem the original class A-2 fixed-rate notes.
The CLO is collateralized mainly by first-lien senior secured loans.
The firm is an affiliate of New York-based asset management firm CBAM Partners, LLC.
| Issuer: | CBAM 2017-1, Ltd./CBAM 2017-1 LLC
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| Amount: | $87.5 million refinancing
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| Maturity: | July 22, 2030
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| Securities: | Fixed-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | MUFG
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| Manager: | CBAM CLO Management LLC
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| Coupon: | 2.488%
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| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 19
|
| Rating: | Moody’s: Aaa expected
|
| Distribution: | Rule 144A and Regulation S
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