By Cristal Cody
Tupelo, Miss., Feb. 13 – Carlyle GMS CLO Management LLC priced $440 million of notes due Oct. 20, 2029 in a refinancing of a vintage 2016 collateralized loan obligation transaction, according to a market notice.
Carlyle Global Market Strategies CLO 2016-3, Ltd./Carlyle Global Market Strategies CLO 2016-3 LLC sold $323 million of class A-1-R senior secured floating-rate notes at Libor plus 102 basis points, $62 million of class A-2-R senior secured floating-rate notes at Libor plus 140 bps, $25 million of class B-R senior secured deferrable floating-rate notes at Libor plus 200 bps and $30 million of class C-R mezzanine secured deferrable floating-rate notes at Libor plus 365 bps.
Mizuho Securities USA LLC was the refinancing agent.
Carlyle GMS CLO Management LLC will continue to manage the CLO.
The CLO has an extended non-call period to and including Feb. 20, 2021.
The original $504.8 million CLO was issued Sept. 13, 2016. In that offering, the CLO priced $323 million of class A-1 floating-rate notes at Libor plus 151 bps; $62 million of class A-2 floating-rate notes at Libor plus 190 bps; $25 million of class B floating-rate notes at Libor plus 250 bps; $30 million of class C floating-rate notes at Libor plus 400 bps; $20 million of class D floating-rate notes at Libor plus 700 bps and $44.8 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Carlyle Investment Management is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2016-3, Ltd./Carlyle Global Market Strategies CLO 2016-3 LLC
|
| Amount: | $440 million refinancing
|
| Maturity: | Oct. 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Mizuho Securities USA LLC
|
| Manager: | Carlyle GMS CLO Management LLC
|
| Call feature: | To and including Feb. 20, 2021
|
| Settlement date: | Feb. 20
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
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| Amount: | $323 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $62 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
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| Amount: | $25 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 200 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
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| Amount: | $30 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: Baa3
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