By Cristal Cody
Tupelo, Miss., Sept. 14 – CBAM CLO Management LLC sold $1,307,450,000 of notes due Oct. 17, 2029 in a new collateralized loan obligation deal, according to a market source on Thursday.
CBAM 2017-3, Ltd./CBAM 2017-3 LLC priced $13 million of class X floating-rate notes at Libor plus 70 basis points; $832 million of class A floating-rate notes at Libor plus 123 bps; $156 million of class B floating-rate notes at Libor plus 170 bps; $71.5 million of class C floating-rate notes at Libor plus 225 bps; $78 million of class D floating-rate notes at Libor plus 330 bps $58.5 million of class E floating-rate notes at Libor plus 650 bps and $98.45 million of subordinated notes.
J.P. Morgan Securities LLC 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 $1.3 billion of mostly first-lien senior secured leveraged loans.
CBAM CLO Management is an affiliate of New York-based asset management firm CBAM Partners, LLC.
Issuer: | CBAM 2017-3, Ltd./CBAM 2017-3 LLC
|
Amount: | $1,307,450,000
|
Maturity: | Oct. 17, 2029
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | CBAM CLO Management LLC
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Call feature: | Two years
|
Settlement date: | Sept. 29
|
Distribution: | Rule 144A
|
|
Class X notes
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Amount: | $13 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 70 bps
|
Rating: | Fitch: AAA
|
|
Class A notes
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Amount: | $832 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 123 bps
|
Rating: | Fitch: AAA
|
|
Class B notes
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Amount: | $156 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 170 bps
|
Ratings: | Non-rated
|
|
Class C notes
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Amount: | $71.5 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 225 bps
|
Ratings: | Non-rated
|
|
Class D notes
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Amount: | $78 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 330 bps
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Ratings: | Non-rated
|
|
Class E notes
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Amount: | $58.5 million
|
Securities: | Floating-rate notes
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Coupon: | Libor plus 650 bps
|
Ratings: | Non-rated
|
|
Equity
|
Amount: | $98.45 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
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