By Cristal Cody
Tupelo, Miss., Sept. 19 – Carlyle CLO Management LLC priced $606.33 million of notes due Oct. 20, 2032 in the Carlyle US CLO 2019-3 Ltd./Carlyle US CLO 2019-3 LLC transaction, according to market sources.
The CLO sold $372 million of class A-1a floating-rate notes at Libor plus 131 basis points, $12 million of class A-1b floating-rate notes at Libor plus 160 bps, $33.5 million of class A-2a floating-rate notes at Libor plus 175 bps and $38.5 million of 3.25% class A-2F fixed-rate notes.
Carlyle US CLO 2019-3 also priced $36 million of class B deferrable floating-rate notes at Libor plus 250 bps, $26 million of class C-1 deferrable floating-rate notes at Libor plus 375 bps, $10 million of class C-2 deferrable notes at Libor plus 420 bps, $24 million of class D deferrable floating-rate notes at Libor plus 703 bps and $54.33 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Carlyle has priced three new dollar-denominated CLOs year to date.
The CLO manager priced four CLOs in 2018.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle US CLO 2019-3 Ltd./Carlyle US CLO 2019-3 LLC
|
| Amount: | $606.33 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 10
|
| Settlement date: | Sept. 27
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1a notes
|
| Amount: | $372 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $33.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2F notes
|
| Amount: | $38.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.25%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 703 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $54.33 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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