By Cristal Cody
Tupelo, Miss., Aug. 4 – CBAM CLO Management LLC sold $1,567,500,000 of notes due Oct. 17, 2029 in a new collateralized loan obligation deal, according to a market source.
CBAM 2017-2, Ltd./CBAM 2017-2 LLC priced $998.4 million of class A floating-rate notes at Libor plus 124 basis points; $139.4 million of class B-1 floating-rate notes at Libor plus 175 bps; $40 million of class B-2 floating-rate notes at Libor plus 175 bps; $31.6 million of class C-1 floating-rate notes at Libor plus 240 bps; $69.8 million of class C-2 floating-rate notes at Libor plus 240 bps $88.92 million of class D floating-rate notes at Libor plus 360 bps; $67.08 million of class E floating-rate notes at Libor plus 650 bps and $132.3 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
CBAM CLO Management will manage the CLO.
The notes have a two-year non-call period and a four-year reinvestment period.
The CLO is collateralized mainly by first-lien senior secured loans.
Proceeds will be used to purchase a portfolio of about $1.56 billion of mostly first-lien senior secured leveraged loans.
CBAM CLO Management also priced a CLO deal that closed on June 29.
The firm is an affiliate of New York-based asset management firm CBAM Partners, LLC.
| Issuer: | CBAM 2017-2, Ltd./CBAM 2017-2 LLC
|
| Amount: | $1,567,500,000
|
| Maturity: | Oct. 17, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | CBAM CLO Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Aug. 29
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $998.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 124 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $139.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-1 notes
|
| Amount: | $31.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class C-2 notes
|
| Amount: | $69.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $88.92 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $67.08 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $132.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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