Chicago, March 17 – Carlyle CLO Management LLC priced $626.6 million in a new collateralized loan obligation offering with Carlyle US CLO 2021-1 Ltd./Carlyle US CLO 2021-1 LLC listed as issuers, according to a pre-sale report.
The portfolio, due April 15, 2034, contains $360 million of class A-1 senior secured floating-rate notes at Libor plus 114 basis points, $96 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps and $36 million of class B senior secured deferrable floating-rate notes at Libor plus 180 bps.
There are also $36 million of class C senior secured deferrable floating-rate notes at Libor plus 280 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 600 bps and $74.6 million of subordinated notes.
Carlyle CLO will manage the collateral for the notes, which will mostly be in the form of senior secured loans, cash and eligible investments through the end of the reinvestment period on April 15, 2026.
The notes cannot be called before March 16, 2023.
BNP Paribas Securities Corp. is the initial purchaser.
Carlyle CLO is a subsidiary of Washington, D.C.-based Carlyle Group.
| Issuers: | Carlyle US CLO 2021-1 Ltd./Carlyle US CLO 2021-1 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $626.6 million
|
| Maturity: | April 15, 2034
|
| Agent: | BNP Paribas Securities Corp.
|
| Manager: | Carlyle CLO Management LLC
|
| Call: | March 16, 2023
|
| Pricing date: | March 11
|
| Settlement date: | March 16
|
|
|
| Class A-1 notes
|
| Amount: | $360 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 114 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $96 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $74.6 million
|
| Securities: | Subordinated notes
|
|
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