Chicago, Sept. 23 – Symphony Alternative Asset Management LLC sold $393.9 million in a collateralized loan obligation being issued by Symphony CLO 36 Ltd./Symphony CLO 36 LLC, according to a presale report.
The notes will mature on Oct. 24, 2035.
The CLO consists of $236 million of class A-1 senior secured floating-rate notes at SOFR plus 205 basis points, $12 million of class A-2 4.75% senior secured fixed-rate notes, $36 million of class B-1 senior secured floating-rate notes at SOFR plus 300 bps, $20 million of class B-2 5.57% senior secured fixed-rate notes, $22 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 832 bps and $32.9 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 24, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 27, 2024.
BofA Securities Inc. was the placement agent.
Symphony Asset Management is a San Francisco-based asset management firm and is an affiliate of Nuveen Asset Management, LLC.
| Issuer: | Symphony CLO 36 Ltd./Symphony CLO 36 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $393.9 million
|
| Maturity: | Oct. 24, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | Sept. 27, 2024
|
| Settlement date: | Sept. 27
|
|
|
| Class A-1 notes
|
| Amount: | $236 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.75%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.57%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 832 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.9 million
|
| Securities: | Subordinated notes
|
|
|
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