By Cristal Cody
Tupelo, Miss., June 15 – CBAM CLO Management LLC priced $1,005,300,000 of notes due July 15, 2031 in a new broadly syndicated collateralized loan obligation deal that has closed, according to a market source and a company news release on Friday.
The CBAM 2018-6, Ltd./CBAM 2018-6 LLC sold $650 million of class A notes at Libor plus 94 basis points; $92 million of class B-1 notes at Libor plus 150 bps, $18 million of class B-2 notes at Libor plus 150 bps; $60 million of class C notes at Libor plus 180 bps; $60 million of class D notes at Libor plus 270 bps; $40 million of class E notes at Libor plus 550 bps and $85.3 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a two-year reinvestment period.
CBAM CLO Management has closed on two CLOs so far in 2018 and priced three CLOs year to date.
The New York City-based portfolio company of private investment firm Eldridge Industries priced three $1 billion-plus CLO transactions in 2017.
| Issuer: | CBAM 2018-6, Ltd./CBAM 2018-6 LLC
|
| Amount: | $1,005,300,000
|
| Maturity: | July 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | CBAM CLO Management LLC
|
| Call feature: | One year
|
| Pricing date: | May 21
|
| Announcement date: | June 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $650 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 94 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $92 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $85.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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