By Cristal Cody
Tupelo, Miss., Dec. 11 – Carlyle CLO Management LLC priced $609.3 million of notes due Jan. 20, 2031 in the Carlyle US CLO 2018-4 Ltd./Carlyle US CLO 2018-4 LLC broadly syndicated transaction, according to a market source.
The CLO sold $372 million of class A-1a senior secured floating-rate notes at Libor plus 117 basis points, $18 million of class A-1b senior secured floating-rate notes at Libor plus 150 bps and $66 million of class A-2 senior secured notes at Libor plus 175 bps.
Carlyle US CLO 2018-4 also priced $31 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 220 bps, $37.5 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 300 bps, $27.5 million of class D junior secured deferrable floating-rate notes at Libor plus 580 bps and $57.3 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Carlyle has priced four new dollar-denominated CLOs in 2018.
The CLO manager sold two new U.S. CLOs and refinanced five vintage U.S. CLOs in 2017.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle US CLO 2018-4 Ltd./Carlyle US CLO 2018-4 LLC
|
| Amount: | $609.3 million
|
| Maturity: | Jan. 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Carlyle CLO Management LLC
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1a notes
|
| Amount: | $372 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $31 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 580 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $57.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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