Carlyle CLO Management plans reset of Carlyle US CLO 2015-4 tranches

By Cristal Cody

Tupelo, Miss., May 14 – Carlyle CLO Management LLC plans to refinance notes from the Carlyle Global Market Strategies CLO 2015-4, Ltd./Carlyle Global Market Strategies CLO 2015-4 LLC transaction, according to a notice of proposed second supplemental indenture on Monday.

The deal includes class X-R senior secured floating-rate notes (Aaa expected), class A-1-R senior secured floating-rate notes (Aaa expected), class A-2-R senior secured floating-rate notes (Aa2 expected), class B-R senior secured deferrable floating-rate notes (A2 expected), class C-R senior secured deferrable floating-rate notes (Baa3 expected) and class D-R senior secured deferrable floating-rate notes (Ba3 expected).

Citigroup Global Markets Inc. is the refinancing agent.

Carlyle will continue to manage the CLO.

The reset CLO will have extended non-call and reinvestment periods.

The original $509.1 million offering of notes due Nov. 30, 2027 was issued Nov. 30, 2015. The 2015-4 CLO sold $321.6 million of class A-1 senior secured floating-rate notes at Libor plus 153 basis points; $55 million of class A-2 senior secured floating-rate notes at Libor plus 225 bps; $24.65 million of class B senior secured deferrable floating-rate notes at Libor plus 325 bps; $33.35 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 405 bps; $25.4 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 610 bps and $49.1 million of subordinated notes.

Proceeds will be used to redeem the outstanding notes.

Carlyle has priced one new CLO and one refinanced CLO year to date. The CLO manager priced four dollar-denominated broadly syndicated CLOs in 2018.

The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.

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