Chicago, Feb. 28 – Symphony Alternative Asset Management LLC sold $449.13 million in a collateralized loan obligation being issued by Symphony CLO 38 Ltd./Symphony CLO 38 LLC, according to a presale report.
The notes will mature on April 24, 2036.
The CLO consists of $103.5 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $150 million of class A-1-L senior secured floating-rate loans at SOFR plus 180 bps, $30 million of class A-2-L senior secured floating-rate loans at SOFR plus 180 bps, $40.5 million of class B-1 senior secured floating-rate notes at SOFR plus 225 bps, $18 million of class B-2 5.72% senior secured fixed-rate notes, $18 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 290 bps, $9 million of class C-2 6.35% senior secured deferrable fixed-rate notes, $23.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 520 bps, $15.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 600 bps and $40.882 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on April 24, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 17, 2025.
BNP Paribas Corp. 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 38 Ltd./Symphony CLO 38 LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $449.132 million
|
| Maturity: | April 24, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Corp.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | March 17, 2025
|
| Settlement date: | March 17
|
|
|
| Class A notes
|
| Amount: | $103.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-L loans
|
| Amount: | $150 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-L loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $40.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.72%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $9 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.35%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 520 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.882 million
|
| Securities: | Subordinated notes
|
|
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