By Cristal Cody
Tupelo, Miss., Feb. 28 - Carlyle Investment Management LLC sold $726.5 million of notes due 2026 in a collateralized loan obligation transaction on Friday, according to an informed source.
Carlyle Global Market Strategies CLO 2014-1, Ltd. priced $5 million of class X senior secured floating-rate notes (Aaa/Expected AAA/) at Libor plus 100 basis points and $448 million of class A senior secured floating-rate notes (Aaa/Expected AAA/) at Libor plus 152 bps at the top of the structure.
The CLO also sold $67 million of class B floating-rate notes (/Expected AA/) at Libor plus 210 bps; $64 million of class C floating-rate notes (/Expected A/) at Libor plus 300 bps; $34 million of class D floating-rate notes (/Expected BBB/) at Libor plus 345 bps; $34.5 million of class E floating-rate notes (/Expected BB-/) at Libor plus 445 bps and $74 million of subordinated notes.
Morgan Stanley & Co., LLC was the bookrunner.
Carlyle Investment Management will manage the CLO.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The offering has a 2.1-year non-call period and a 4.1-year reinvestment period.
Carlyle Investment Management, part of the Washington, D.C.-based Carlyle Group, priced four U.S. CLO transactions in 2013, including the $604.9 million Carlyle Global Market Strategies CLO 2013-1, Ltd. deal, $628 million Carlyle Global Market Strategies CLO 2013-2, Ltd. offering, $516.9 million Carlyle Global Market Strategies CLO 2013-3, Ltd. issue and the $415.21 million Carlyle Global Market Strategies CLO 2013-4, Ltd. vehicle.
| Issuer: | Carlyle Global Market Strategies CLO 2014-1, Ltd.
|
| Amount: | $726.5 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Maturity: | 2026
|
| Placement agent: | Morgan Stanley & Co., LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | 2.1 years
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: Expected AAA
|
|
|
| Class A notes
|
| Amount: | $448 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 152 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: Expected AAA
|
|
|
| Class B notes
|
| Amount: | $67 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Standard & Poor's: Expected AA
|
|
|
| Class C notes
|
| Amount: | $64 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Standard & Poor's: Expected A
|
|
|
| Class D notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Standard & Poor's: Expected BBB
|
|
|
| Class E notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 445 bps
|
| Rating: | Standard & Poor's: Expected BB-
|
|
|
| Equity tranche
|
| Amount: | $74 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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