By Cristal Cody
Tupelo, Miss., Feb. 25 – Carlyle Investment Management LLC sold $669.5 million of notes due April 20, 2027 in the Carlyle Global Market Strategies CLO 2015-1, Ltd./Carlyle Global Market Strategies CLO 2015-1 LLC transaction, according to a market source.
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.
Morgan Stanley & Co. LLC was the placement agent.
Carlyle Investment Management will manage the CLO.
The CLO is backed primarily by first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $500 million of mainly senior secured leveraged loans.
Carlyle Investment Management brought four CLO deals in the U.S. market in 2014.
The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2015-1, Ltd./Carlyle Global Market Strategies CLO 2015-1 LLC
|
| Amount: | $669.5 million
|
| Maturity: | April 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Carlyle Investment Management LLC
|
| Pricing date: | Feb. 5
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A notes
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| Amount: | $416 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa expected
|
|
|
| Class B notes
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| Amount: | $72.5 million
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| Securities: | Fixed-rate notes
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| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $40.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-1 notes
|
| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 530 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-2 notes
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| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
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| Amount: | $13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity tranche
|
| Amount: | $55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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