Trimaran Advisors prices $609.9 million CLO; ArrowMark to refinance 2015 CLO notes

By Cristal Cody

Tupelo, Miss., May 30 – Trimaran Advisors, LLC sold $609.9 million of notes in its first CLO offering of the year and its first since it was acquired in December by New York-based LibreMax Capital, LLC from KCAP Financial, Inc.

Broadly syndicated CLO volume year to date totals more than $41 billion, according to market sources.

In other activity, ArrowMark Colorado Holdings LLC plans to refinance notes from a 2015 CLO.

Year to date, more than $13 billion of broadly syndicated CLOs have been refinanced, reset or reissued, sources report.

Trimaran brings new issue

Trimaran Advisors sold $609.9 million of notes due July 20, 2032 in the new issue Trimaran Cavu 2019-1 Ltd./Trimaran Cavu 2019-1 LLC CLO transaction, according to market sources.

At the top of the capital structure, the CLO sold $354 million of class A-1 floating-rate notes at Libor plus 146 basis points and $34.8 million of class A-2 floating-rate notes at Libor plus 190 bps.

Credit Suisse Securities (USA) LLC was the placement agent.

The CLO is collateralized primarily by broadly syndicated senior secured term loans.

LibreMax announced on April 8 that it established CAVU Investment Partners, LLC in partnership with investment management firm TowerBrook Capital Partners LP to invest in the equity tranches of new issue CLOs that are managed by Trimaran Advisors.

ArrowMark plans reprint

ArrowMark Colorado Holdings plans to refinance notes due April 18, 2027 from the Elevation CLO 2015-4, Ltd./Elevation CLO 2015-4 LLC offering, according to a notice of proposed third supplemental indenture.

The Elevation CLO 2015-4 transaction will include class A-R senior secured floating-rate notes (AAA expected/AAA expected), class B-R senior secured floating-rate notes (AA expected/), class C-R secured deferrable floating-rate notes (A expected/), class D-R secured deferrable floating-rate notes (BBB expected/) and class E-R secured deferrable floating-rate notes (BB- expected/).

Deutsche Bank Securities Inc. is the refinancing placement agent.

The original $408.1 million CLO was issued as Arrowpoint CLO 2015-4, Ltd./Arrowpoint CLO 2015-4 LLC on April 23, 2015.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

ArrowMark priced two new CLOs and refinanced one vintage CLO in 2018.

The investment management firm is based in Denver.

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