By Cristal Cody
Tupelo, Miss., Dec. 4 – Carlyle Investment Management LLC subsidiary Carlyle CLO Management LLC refinanced $514.25 million of notes in a reset of the Carlyle Global Market Strategies CLO 2013-2 Ltd./Carlyle Global Market Strategies CLO 2013-2 LLC transaction, according to a market source and a Thursday notice of revised form of proposed supplemental indenture.
The CLO sold $8 million of class Y-R senior secured floating-rate notes at Libor plus 50 basis points; $342.5 million of class A-R senior secured floating-rate notes at Libor plus 89 basis points; $74.25 million of class B-R senior secured floating-rate notes at Libor plus 130 bps; $33 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 165 bps; $30 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 240 bps and $26.5 million of class E-R junior secured deferrable floating-rate notes at Libor plus 525 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
The maturity on the refinanced notes was extended to Jan. 18, 2029 from the original April 18, 2025 maturity.
The reset CLO will have an extended one-year non-call period.
In the original $623 million transaction issued March 28, 2013, the CLO sold $4.5 million of class X floating-rate notes at Libor plus 100 bps; $352.5 million of class A-1 floating-rate notes at Libor plus 115 bps; $35 million of class A-2 floating-rate notes at Libor plus 115 bps; $67 million of class B floating-rate notes at Libor plus 175 bps; $37 million of class C-1 deferrable floating-rate notes at Libor plus 285 bps; $10 million of class C-2 deferrable notes at Libor plus 434 bps; $30 million of class D deferrable floating-rate notes at Libor plus 375 bps; $25 million of class E deferrable floating-rate notes at Libor plus 500 bps; $12 million of class F deferrable floating-rate notes at Libor plus 540 bps; and $50 million of non-rated subordinated notes.
Proceeds from the deal will be used to redeem the original notes.
Carlyle has priced two new CLOs and refinanced five vintage CLOs year to date.
The asset management firm and affiliate of Washington, D.C.-based Carlyle Group priced four new U.S. CLOs and refinanced five vintage CLOs in 2016.
| Issuer: | Carlyle Global Market Strategies CLO 2013-2 Ltd./ Carlyle Global Market Strategies CLO 2013-2 LLC
|
| Amount: | $514.25 million refinancing
|
| Maturity: | Jan. 18, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | Carlyle CLO Management LLC
|
| Call feature: | 2018
|
| Settlement date: | Dec. 7
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class Y-R notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: AAA
|
|
|
| Class A-R notes
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| Amount: | $342.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 89 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $74.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aa1 (expected)
|
| S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $33 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
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| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
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| Amount: | $26.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | S&P: BB
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