By Cristal Cody
Tupelo, Miss., July 16 – Carlyle CLO Management LLC priced a $453.08 million second refinancing of notes from a vintage 2015 collateralized loan obligation transaction, according to a market source and a notice of revised form of proposed second supplemental indenture on Monday.
The Carlyle Global Market Strategies CLO 2015-1, Ltd./Carlyle Global Market Strategies CLO 2015-1 LLC transaction included class A-R2 senior secured floating-rate notes, class B-R2 senior secured floating-rate notes, class C-R2 mezzanine secured floating-rate notes, class D-R2 mezzanine secured floating-rate notes, class E-R junior secured floating-rate notes and class F-R junior secured floating-rate notes.
Final pricing details were not immediately available.
Morgan Stanley & Co. LLC was the refinancing agent.
Carlyle will continue to manage the CLO.
The reset CLO has an extended maturity and will have a one-year extended non-call period and a three-year extended reinvestment period.
In the original $669.5 million offering of notes due April 20, 2027 issued March 10, 2015, the CLO priced $3 million of class X floating-rate notes at Libor plus 100 basis points; $416 million of class A floating-rate notes at Libor plus 153 bps; $72.5 million of class B floating-rate notes at Libor plus 235 bps; $34.5 million of class C floating-rate notes at Libor plus 315 bps; $40.5 million of class D floating-rate notes at Libor plus 375 bps; $31 million of class E-1 floating-rate notes at Libor plus 530 bps; $4 million of class E-2 floating-rate notes at Libor plus 575 bps; $13 million of class F floating-rate notes at Libor plus 620 bps and $55 million of subordinated notes.
The CLO was partially refinanced on July 20, 2017.
Proceeds will be used to redeem the outstanding notes on July 22.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2015-1 Ltd./Carlyle Global Market Strategies CLO 2015-1 LLC
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| Amount: | $453.08 million refinancing
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| Securities: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Morgan Stanley & Co. LLC
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| Manager: | Carlyle CLO Management LLC
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| Call feature: | One year
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| Pricing date: | July 12
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| Settlement date: | July 22
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| Distribution: | Rule 144A
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| Class A-R2 notes
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| Securities: | Senior secured floating-rate notes
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| Ratings: | Moody’s: Aaa expected
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| Fitch: AAA expected
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| Class B-R2 notes
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| Securities: | Senior secured floating-rate notes
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| Rating: | Moody’s: Aa2 expected
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| Class C-R2 notes
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| Securities: | Mezzanine secured floating-rate notes
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| Rating: | Moody’s: A2 expected
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| Class D-R2 notes
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| Securities: | Mezzanine secured floating-rate notes
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| Rating: | Moody’s: Baa3 expected
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| Class E-R notes
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| Securities: | Junior secured floating-rate notes
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| Rating: | Moody’s: Ba3 expected
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| Class F-R notes
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| Securities: | Junior secured floating-rate notes
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| Rating: | Moody’s: B3 expected
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