By Cristal Cody
Tupelo, Miss., Nov. 9 – Symphony Asset Management LLC sold $14.4 million of notes due Oct. 15, 2031 in a partial second refinancing of the vintage Symphony CLO XVI Ltd. transaction, according to a market source.
The CLO sold $3 million of class B-2RR senior floating-rate notes at Libor plus 240 basis points.
Symphony priced $11.4 million of 2.97% class B-3RR senior fixed-rate notes.
The CLO was originally issued on July 15, 2015 and was first refinanced on Sept. 10, 2018.
In the first refinancing, $14.4 million of class B-2R senior fixed-rate notes priced with a 4.59% coupon.
MUFG was the refinancing agent.
The CLO notes are collateralized primarily by broadly syndicated senior secured corporate loans.
Proceeds were used to redeem the class B-2R notes.
Symphony Asset Management is a San Francisco-based asset management firm.
| Issuer: | Symphony CLO XVI Ltd.
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| Amount: | $14.4 million refinancing
|
| Maturity: | Oct. 15, 2031
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| Securities: | Fixed- and floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | MUFG
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| Manager: | Symphony Asset Management LLC
|
| Settlement date: | Nov. 6
|
|
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| Class B-2RR notes
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| Amount: | $3 million
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| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-3RR notes
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| Amount: | $11.4 million
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| Securities: | Senior fixed-rate notes
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| Coupon: | 2.97%
|
| Ratings: | Moody’s: Aa2
|
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