By Cristal Cody
Tupelo, Miss., Dec. 21 – KCAP Financial, Inc. refinanced $393.7 million of notes due April 22, 2027 from the vintage Catamaran CLO 2015-1 Ltd. transaction, according to a market source and a news release on Thursday.
The transaction included $287.4 million of class A-R floating-rate notes (Aaa/AAA); $45.9 million of class B-R floating-rate notes (AA); $32.4 million of class C-1-R deferrable floating-rate notes (A); $8 million of class C-2-R deferrable floating-rate notes (A) and $20 million of class D-R deferrable floating-rate notes.
Final spread details were not immediately available.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
The CLO is managed by Trimaran Advisors Management, LLC.
An affiliate is expected to retain a vertical strip of the refinanced securities to comply with U.S. risk retention regulations, according to the release.
The company originally priced the $463.8 million CLO on March 31, 2015. The CLO sold $283.5 million of class A floating-rate notes at Libor plus 155 bps; $45.9 million of class B floating-rate notes at Libor plus 220 bps; $40.4 million of class C deferrable floating-rate notes at Libor plus 310 bps; $20 million of class D deferrable floating-rate notes at Libor plus 365 bps; $20.3 million of class E deferrable floating-rate notes at Libor plus 515 bps and $49.8 million of subordinated notes.
Proceeds were used to redeem the original notes.
Trimaran Advisors has refinanced three CLOs in 2017.
The portfolio company of business development company KCAP Financial is based in New York.
| Issuer: | Catamaran CLO 2015-1 Ltd./Catamaran CLO 2015-1 LLC
|
| Amount: | $393.7 million refinancing
|
| Maturity: | April 22, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Settlement date: | Dec. 21
|
|
|
| Class A-R notes
|
| Amount: | $287.4 million
|
| Securities: | Floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $45.9 million
|
| Securities: | Floating-rate notes
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $28.9 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
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| Amount: | $8 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: BBB
|
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