Chicago, March 16 – Symphony Alternative Asset Management LLC sold $506.45 million in a collateralized loan obligation being issued by Symphony CLO XXXI Ltd./Symphony CLO XXXI LLC, according to a pre-sale report.
The notes will mature on April 22, 2035.
The CLO consists of $1.25 million of class X senior secured floating-rate notes at SOFR plus 80 basis points, $310 million of class A senior secured floating-rate notes at SOFR plus 130 bps, $70 million of class B senior secured floating-rate notes at SOFR plus 185 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 220 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 320 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 660 bps and $45.2 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on April 22, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 22, 2024.
BofA Securities Inc. was the placement agent.
Symphony Asset Management is a San Francisco-based asset management firm.
| Issuer: | Symphony CLO XXXI Ltd./Symphony CLO XXXI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $506.45 million
|
| Maturity: | April 22, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | April 22, 2024
|
| Settlement date: | March 23
|
|
|
| Class X notes
|
| Amount: | $1.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 130 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.2 million
|
| Securities: | Subordinated notes
|
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