Chicago, Oct. 2 – Symphony Alternative Asset Management LLC reset for $389.3 million the collateralized loan obligation issued by Symphony CLO 35, Ltd., according to new issue reports.
The notes will now mature on Oct. 24, 2036.
The reset CLO consists of $1.6 million of class X senior secured floating-rate notes at SOFR plus 150 basis points, $256 million of class A-R senior secured floating-rate notes at SOFR plus 170 bps, $47 million of class B-R senior secured floating-rate notes at SOFR plus 245 bps, $23 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 295 bps, $24 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 455 bps, $13.4 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 750 bps, $500,000 of class F-R senior secured deferrable floating-rate notes at SOFR plus 871 bps and $23.8 million of subordinated notes.
The original CLO consisted of $250 million of class A-1 senior secured floating-rate notes at SOFR plus 210 bps, $6 million of class A-2 4.89% senior secured fixed-rate notes, $22 million of class B-1 senior secured floating-rate notes at SOFR plus 295 bps, $24 million of class B-2 5.71% senior secured fixed-rate notes, $22 million of class C senior secured deferrable floating-rate notes at SOFR plus 410 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 513 bps, $15.8 million of class E senior secured deferrable floating-rate notes at SOFR plus 859 bps, $500,000 of class F senior secured deferrable floating-rate notes at SOFR plus 797 bps and $23.8 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the extended five-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The non-call period has been extended.
Symphony Asset Management is a San Francisco-based asset management firm and is an affiliate of Nuveen Asset Management, LLC.
| Issuer: | Symphony CLO 35, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $389.3 million
|
| Maturity: | Oct. 24, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Announcement date: | Sept. 7
|
| Settlement date: | Sept. 7
|
|
|
| Class X notes
|
| Amount: | $1.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 455 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $13.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | $0.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 871 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $23.8 million
|
| Securities: | Subordinated notes
|
|
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