By Cristal Cody
Tupelo, Miss., Oct. 21 - Carlyle Investment Management LLC sold $415.21 million of notes due Oct. 15, 2025 in a collateralized loan obligation transaction, according to an informed source.
Carlyle Global Market Strategies CLO 2013-4, Ltd. priced $1.2 million of class X senior secured floating-rate notes (Aaa//) at Libor plus 90 basis points and $122 million of class A-1 senior secured floating-rate notes (Aaa//) at Libor plus 147 bps.
The CLO also sold $130 million of class A-2 senior secured floating-rate notes (Aaa//) at Libor plus 110 bps for the first 18 months. The notes then step up to 160 bps plus Libor for the next 12 months and 190 bps plus Libor thereafter.
In the rest of the capital structure, the CLO includes $24 million of class B-1 senior secured floating-rate notes (Aa2//) at Libor plus 170 bps; $20 million of 3.973% class B-2 senior secured fixed-rate notes (Aa2//); $31.75 million of class C senior secured deferrable floating-rate notes at Libor plus 280 bps; $21.75 million of class D senior secured deferrable floating-rate notes at Libor plus 320 bps; $18.5 million of class E senior secured deferrable floating-rate notes at Libor plus 450 bps; $8.5 million of class F senior secured deferrable floating-rate notes at Libor plus 520 bps and $37.51 million of subordinated notes.
Wells Fargo Securities, LLC was the underwriter.
Carlyle Investment Management will manage the CLO.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The notes are non-callable until May 2015 for the class A-2 notes and until January 2016 for all other tranches.
The CLO has a four-year reinvestment period.
Carlyle Investment Management priced the $516.9 million Carlyle Global Market Strategies CLO 2013-3, Ltd./Carlyle Global Market Strategies CLO 2013-3, LLC deal in June.
| Issuer: | Carlyle Global Market Strategies CLO 2013-4, Ltd.
|
| Amount: | $415.21 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Maturity: | Oct. 15, 2025
|
| Arranger: | Wells Fargo Securities, LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Non-callable until May 2015 for class A-2 notes and January 2016 for other classes
|
| Settlement date: | Nov. 7
|
|
|
| Class X notes
|
| Amount: | $1.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $122 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $130 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps for 18 months, then Libor plus 160 bps for 12 months and then Libor plus 190 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.973%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $31.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $21.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $8.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 520 bps
|
| Rating: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $37.51 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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