Chicago, Sept. 10 – Canyon CLO Advisors LLC priced $505.75 million of notes due Oct. 15, 2032 in a new collateralized loan obligation offering, according to a market source.
Canyon Capital CLO 2019-2, Ltd./Canyon Capital CLO 2019-2, LLC sold $320 million of class A senior secured floating-rate notes at Libor plus 137 basis points and $60 million of class B senior secured floating-rate notes at Libor plus 185 bps.
The CLO placed $30 million of class C senior secured deferrable floating-rate notes at Libor plus 275 bps; $25 million of class D senior secured deferrable floating-rate notes at Libor plus 395 bps; $22.5 million of class E senior secured deferrable floating-rate notes at Libor plus 715 bps and $48.25 million of subordinated notes.
Barclays was the placement agent.
Canyon CLO Advisors will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is collateralized primarily by first-lien senior secured loans.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon Capital CLO 2019-2, Ltd./Canyon Capital CLO 2019-2, LLC
|
| Amount: | $505.75 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 27
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 715 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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