By Cristal Cody
Tupelo, Miss., Aug. 6 – CBAM Partners LLC priced $478 million of notes due July 20, 2031 in the manager’s first new dollar-denominated broadly syndicated collateralized loan obligation deal of the year, according to market sources.
CBAM 2020-12, Ltd./CBAM 2020-12 LLC sold $300 million of class A floating-rate notes at Libor plus 170 basis points, $25 million of class B floating-rate notes at Libor plus 215 bps, $147 million of 2% class C deferrable fixed-rate notes and $6 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO has a one-year non-call period and three-year reinvestment period.
The offering is collateralized primarily by senior secured loans.
The New York City-based portfolio company of private investment firm Eldridge Industries priced three new dollar-denominated CLOs in 2019.
| Issuer: | CBAM 2020-12, Ltd./CBAM 2020-12 LLC
|
| Amount: | $478 million
|
| Maturity: | July 20, 2031
|
| Securities: | Fixed-, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BofA Securities, Inc.
|
| Manager: | CBAM Partners LLC
|
| Call feature: | One year
|
| Settlement date: | Aug. 7
|
|
|
| Class A notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $147 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | S&P: Non-rated
|
|
|
| Equity
|
| Amount: | $6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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