Symphony plans second refinancing of California Street CLO IX

By Cristal Cody

Tupelo, Miss., Feb. 12 – Symphony Asset Management LLC plans to price notes in the California Street CLO XII Ltd./California Street CLO XII LLC (formerly known as Symphony CLO XII, Ltd./Symphony CLO XII LLC) collateralized loan obligation refinancing transaction, according to a notice of proposed amended and restated indenture.

The deal includes X-R floating-rate notes; class A-1-RR senior secured floating-rate notes; class A-2-RR senior secured floating-rate notes; class B-RR senior secured floating-rate notes; class C-RR mezzanine secured deferrable floating-rate notes; class D-RR mezzanine secured deferrable floating-rate notes, class E-RR mezzanine secured deferrable floating-rate notes, class F-RR mezzanine secured deferrable floating-rate notes and subordinated notes.

Nomura Securities International, Inc. is the refinancing agent.

Symphony Asset Management will continue to manage the CLO, which originally was issued Oct. 24, 2013. The CLO was first refinanced on April 17, 2017.

In the original $832.5 million issuance, Symphony CLO XII sold $500 million of class A senior floating-rate notes at Libor plus 130 basis points; $61 million of class B-1 senior floating-rate notes at Libor plus 175 bps; $45 million of 4.08% class B-2 senior fixed-rate notes; $47 million of class C deferrable floating-rate notes at Libor plus 275 bps; $51 million of class D deferrable floating-rate notes at Libor plus 350 bps; $34 million of class E deferrable floating-rate notes at Libor plus 490 bps; $21 million of class F deferrable floating-rate notes at Libor plus 515 bps and $73.5 million of subordinated notes.

Proceeds will be used to redeem the outstanding notes on March 9.

The asset management firm is based in San Francisco.

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