By Cristal Cody
Tupelo, Miss., Oct. 15 – Triumph Capital Management, LLC priced $485.35 million of notes due July 25, 2029 in a refinancing of two tranches of a vintage 2017 collateralized loan obligation, according to a market source and notice of executed supplemental indenture on Tuesday.
Trinitas CLO VI Ltd./Trinitas CLO VI LLC sold $448 million of class A-R floating-rate notes at Libor plus 117 basis points and $37.35 million of class C-R deferrable floating-rate notes at Libor plus 260 bps.
J.P. Morgan Securities LLC was the refinancing placement agent.
Triumph Capital Management will continue to manage the CLO notes.
The CLO has a 1.5-year non-call period and a two-year reinvestment period remaining.
Trinitas CLO VI was originally issued as a $717.1 million offering on June 20, 2017. In that deal, the CLO priced $448 million of class A notes at Libor plus 132 bps and $37.35 million of class C notes at Libor plus 270 bps.
Proceeds from the refinancing were used to redeem the original class A and class C notes on Tuesday.
The CLO manager is a subsidiary of Dallas-based Triumph Bancorp, Inc.
| Issuer: | Trinitas CLO VI Ltd./Trinitas CLO VI LLC
|
| Amount: | $485.35 million refinancing
|
| Maturity: | July 25, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | Triumph Capital Management, LLC
|
| Pricing date: | Oct. 3
|
| Settlement date: | Oct. 15
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $448 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class C-R notes
|
| Amount: | $37.35 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: A2 expected
|
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