By Cristal Cody
Tupelo, Miss., May 11 – Canyon CLO Advisors LLC closed on a new $436.5 million collateralized loan obligation offering of notes due July 15, 2028, according to market sources.
Canyon CLO 2020-1, Ltd. sold $240 million of class A floating-rate notes at Libor plus 192 basis points, $58 million of class B floating-rate notes at Libor plus 275 bps and $20 million of class C deferrable floating-rate notes at Libor plus 378 bps in the offering.
The deal also included $23 million of class D deferrable floating-rate notes and $12.5 million of class E deferrable floating-rate notes in unfunded delayed draw tranches and $83 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
Canyon CLO Advisors will manage the CLO.
The CLO has a one-year non-call period and a six-month reinvestment period.
The transaction is collateralized primarily by first-lien senior secured loans.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon CLO 2020-1, Ltd.
|
| Amount: | $436.5 million
|
| Maturity: | July 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | One year
|
| Settlement date: | May 8
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 192 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 378 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $83 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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