Chicago, Jan. 3 – Canyon CLO Advisors LLC refinanced and extended for $532.3 million the collateralized loan obligation issued by Canyon CLO 2019-2 Ltd./Canyon CLO 2019-2 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2034.
The refinanced CLO consists of $336 million of class A-R senior secured floating-rate notes at Libor plus 118 basis points, $63 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $31.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 215 bps, $31.5 million of class D-R senior secured deferrable floating-rate notes at Libor plus 330 bps, $21 million of class E-R senior secured deferrable floating-rate notes at Libor plus 675 bps and $49.3 million of subordinated notes.
Originally, the CLO sold $320 million of class A senior secured floating-rate notes at Libor plus 137 bps and $60 million of class B senior secured floating-rate notes at Libor plus 185 bps.
The CLO initially placed $30 million of class C senior secured deferrable floating-rate notes at Libor plus 275 bps; $25 million of class D senior secured deferrable floating-rate notes at Libor plus 395 bps; $22.5 million of class E senior secured deferrable floating-rate notes at Libor plus 715 bps and $48.25 million of subordinated notes.
Canyon CLO Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral comes from a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
Barclays was the placement agent.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon CLO 2019-2 Ltd./Canyon CLO 2019-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $532.3 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Nov. 12
|
|
|
| Class A-R notes
|
| Amount: | $336 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $63 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $31.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.3 million
|
| Securities: | Subordinated notes
|
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