By Cristal Cody
Tupelo, Miss., Feb. 13 – CBAM CLO Management LLC priced and closed on $601.05 million of notes due Feb. 12, 2030 in a new broadly syndicated collateralized loan obligation offering, according to a market source and a company news release.
CBAM 2019-9, Ltd./CBAM 2019-9 LLC sold $384 million of class A floating-rate notes at Libor plus 128 basis points, $36.3 million of class B-1 floating-rate notes at Libor plus 190 bps and $29.7 million of class B-2 floating-rate notes at Libor plus 190 bps.
The CLO also priced $27.3 of class C deferrable floating-rate notes at Libor plus 275 bps; $37.5 million of class D deferrable floating-rate notes at Libor plus 375 bps; $36.3 million of class E deferrable floating-rate notes at Libor plus 650 bps and $49.95 million of subordinated notes.
Barclays was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The deal brings CBAM’s total CLO issuance to $9 billion since the manager closed on its first CLO in June 2017, according to the release. In 2018, CBAM was the seventh largest issuer of new CLOs at $3.3 billion, while in 2017, it was the largest U.S. issuer with $5.1 billion of issuance.
CBAM CLO Management priced five CLOs in 2018.
The New York City-based portfolio company of private investment firm Eldridge Industries placed three $1 billion-plus CLO transactions in 2017.
| Issuer: | CBAM 2019-8, Ltd./CBAM 2019-8 LLC
|
| Amount: | $601.05 million
|
| Maturity: | Feb. 12, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | CBAM CLO Management LLC
|
| Call feature: | One year
|
| Pricing date: | Jan. 24
|
| Closing date: | Feb. 12
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $36.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $29.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $27.3
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $37.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $36.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $49.95 million
|
| Securities: | Subordinated notes
|
|
|
| Ratings: | Non-rated
|
|
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