Chicago, Oct. 19 – Symphony Alternative Asset Management LLC sold $404.6 million in a collateralized loan obligation being issued by Symphony CLO 39 Ltd./Symphony CLO 39 LLC, according to a presale report.
The notes will mature on April 29, 2034.
The CLO consists of $262 million of class A senior secured floating-rate notes at SOFR plus 159 basis points, $42 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 265 bps, $23 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 420 bps, $5 million of class D-2 10.5% senior secured deferrable fixed-rate notes, $10 million of class E senior secured deferrable floating-rate notes at SOFR plus 619 bps and $38.6 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on April 25, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2024.
BofA Securities Inc. 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 39 Ltd./Symphony CLO 39 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $404.6 million
|
| Maturity: | April 29, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | Oct. 25, 2024
|
| Pricing date: | Oct. 18
|
| Settlement date: | Oct. 23
|
|
|
| Class A notes
|
| Amount: | $262 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 159 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 10.5%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 619 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.6 million
|
| Securities: | Subordinated notes
|
|
|
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