By Cristal Cody
Tupelo, Miss., Nov. 5 – Canyon Capital Advisors LLC sold $409.08 million of notes due Jan. 20, 2027 in a collateralized loan obligation deal, according to a market source.
Canyon Capital CLO 2014-2, Ltd./Canyon Capital CLO 2014-2, LLC priced $251.2 million of class A floating-rate notes (Aaa expected/AAA/) at Libor plus 157 basis points; $48.4 million of class B floating-rate notes (/AA/) at Libor plus 225 bps; $32 million of class C deferrable floating-rate notes (/A/) at Libor plus 305 bps; $19.6 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $17.6 million of class E deferrable floating-rate notes (/BB/) at Libor plus 500 bps and $40.28 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
Canyon Capital Advisors will manage the CLO, which is backed primarily by broadly syndicated senior secured loans.
The CLO is non-callable until Jan. 20, 2017. The reinvestment period ends Jan. 20, 2019.
Canyon Capital Advisors was previously in the primary market on March 25, 2014 with the $415.25 million Canyon Capital CLO 2014-1, Ltd./Canyon Capital CLO 2014-1, LLC deal.
The alternative asset manager is based in Los Angeles.
| Issuer: | Canyon Capital CLO 2014-2, Ltd./Canyon Capital CLO 2014-2, LLC
|
| Amount: | $409.08 million
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Canyon Capital Advisors LLC
|
| Call feature: | Jan. 20, 2017
|
| Pricing date: | Oct. 16
|
| Settlement date: | Nov. 20
|
|
|
| Class A notes
|
| Amount: | $251.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $48.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $19.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $19.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity tranche
|
| Amount: | $40.28 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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