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.

In its deal, 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.

Meanwhile, 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/).

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