By Cristal Cody
Tupelo, Miss., Dec. 22 – Carlyle Investment Management LLC brought $406.85 million of notes due Jan. 20, 2028 in its fifth U.S. broadly syndicated collateralized loan obligation offering of the year, according to a market source.
Carlyle Global Market Strategies CLO 2015-5, Ltd./Carlyle Global Market Strategies CLO 2015-5 LLC priced $209.5 million of class A-1a senior secured floating-rate notes at Libor plus 155 basis points, $47.8 million of 3.34% class A-1b senior secured fixed-rate notes, $37 million of class A-2a senior secured floating-rate notes at Libor plus 225 bps and $7 million of 4.21% class A-2b senior secured fixed-rate notes.
The CLO sold $14.7 million of class B-1 senior secured deferrable floating-rate notes at Libor plus 310 bps and $5 million of class B-2 senior secured deferrable floating-rate notes at Libor plus 325 bps.
At the bottom of the capital structure, the CLO priced $26.7 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 405 bps and $20.3 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 610 bps.
The deal included $38.85 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
Carlyle Investment Management will manage the CLO.
The CLO has a three-year non-call period and a five-year reinvestment period.
The deal is backed primarily by first-lien senior secured corporate loans.
Proceeds from the transaction will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.
Carlyle Investment Management has priced five U.S. broadly syndicated CLO deals and one middle-market CLO offering year to date.
The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.
Issuer: | Carlyle Global Market Strategies CLO 2015-5, Ltd./Carlyle Global Market Strategies CLO 2015-5 LLC
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Amount: | $406.85 million
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Maturity: | Jan. 20, 2028
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | Carlyle Investment Management LLC
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Call feature: | Three years
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Pricing date: | Dec. 11
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Settlement date: | Dec. 22
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Distribution: | Rule 144A
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Class A-1a notes
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Amount: | $209.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 155 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-1b notes
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Amount: | $47.8 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.34%
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-2a notes
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Amount: | $37 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 225 bps
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Rating: | Moody’s: Aa2
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Class A-2b notes
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Amount: | $7 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 4.21%
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Rating: | Moody’s: Aa2
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Class B-1 notes
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Amount: | $14.7 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 310 bps
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Rating: | Moody’s: A2
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Class B-2 notes
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Amount: | $5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 325 bps
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Rating: | Moody’s: A2
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Class C notes
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Amount: | $26.7 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 405 bps
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Rating: | Moody’s: Baa3
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Class D notes
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Amount: | $20.3 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 610 bps
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Rating: | Moody’s: Ba3
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Equity
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Amount: | $38.85 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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