By Cristal Cody
Tupelo, Miss., May 29 – Carlyle CLO Management LLC priced $463.05 million of notes in a reset of the Carlyle Global Market Strategies CLO 2015-4, Ltd./Carlyle Global Market Strategies CLO 2015-4 LLC transaction, according to a market source and a notice of revised form of proposed second supplemental indenture on Tuesday.
The CLO sold $3.2 million of class X senior secured floating-rate notes at Libor plus 62.5 basis points, $321 million of class A-1-R senior secured floating-rate notes at Libor plus 134 bps, $53.4 million of class A-2-R senior secured floating-rate notes at Libor plus 180 bps, $24.65 million of class B-R senior secured deferrable floating-rate notes at Libor plus 275 bps, $30.5 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 370 bps and $30.3 million of class D-R mezzanine secured deferrable floating-rate notes at Libor plus 670 bps.
Citigroup Global Markets Inc. was the refinancing agent.
Carlyle will continue to manage the CLO.
The maturity on the refinanced notes was extended to July 2032 from the original Oct. 20, 2027 maturity.
The reset CLO has a two-year extended non-call period and a five-year extended reinvestment period.
The original $509.1 million CLO was issued Nov. 30, 2015. The 2015-4 CLO sold $321.6 million of class A-1 senior secured floating-rate notes at Libor plus 153 bps; $55 million of class A-2 senior secured floating-rate notes at Libor plus 225 bps; $24.65 million of class B senior secured deferrable floating-rate notes at Libor plus 325 bps; $33.35 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 405 bps; $25.4 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 610 bps and $49.1 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
Carlyle has priced one new dollar-denominated broadly syndicated CLO and three refinanced CLOs year to date. The CLO manager priced four dollar-denominated CLOs in 2018.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2015-4, Ltd./Carlyle Global Market Strategies CLO 2015-4 LLC
|
| Amount: | $463.05 million refinancing
|
| Maturity: | July 2032
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | May 14
|
| Settlement date: | June 4
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $3.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 62.5 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A-1-R notes
|
| Amount: | $321 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
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| Amount: | $53.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-R notes
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| Amount: | $24.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
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| Amount: | $30.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
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| Amount: | $30.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | Moody’s: Ba3 expected
|
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