CBAM CLO Management to refinance notes from $1 billion 2018-6 CLO

By Cristal Cody

Tupelo, Miss., Nov. 14 – CBAM CLO Management LLC plans to refinance $1,005,300,000 of notes due July 15, 2031 from a 2018 broadly syndicated collateralized loan obligation deal, according to a notice of proposed first supplemental indenture on Wednesday.

The CBAM 2018-6, Ltd./CBAM 2018-6 LLC deal will include class A-R floating-rate notes (expected ratings Aaa//AAA/Kroll: AAA), class B-1-R floating-rate notes (expected ratings Aa2), class B-2-R floating-rate notes (expected ratings Aa2), class C-R floating-rate notes (expected ratings A2), class D-R floating-rate notes (expected ratings Baa3) and class E-R floating-rate notes (expected ratings Ba3).

Morgan Stanley & Co. LLC is the refinancing placement agent.

The refinanced CLO will have new non-call period and reinvestment periods.

CBAM CLO Management originally issued $1,005,300,000 of notes in the offering on June 15, 2018.

The CLO had priced $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.

Proceeds will be used to redeem the secured notes.

CBAM CLO Management has priced two new CLOs year to date.

The New York City-based portfolio company of private investment firm Eldridge Industries priced five CLOs in 2018.

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