By Cristal Cody
Tupelo, Miss., Sept. 25 – Trimaran Advisors, LLC priced $407.6 million of notes due Oct. 25, 2031 in the Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1 LLC collateralized loan obligation transaction, according to market sources.
The CLO sold $244 million of class A-1 floating-rate notes at Libor plus 125 basis points, $8 million of class A-2 floating-rate notes at Libor plus 155 bps and $52 million of class B floating-rate notes at Libor plus 190 bps.
Catamaran CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 250 bps, $20 million of class D deferrable floating-rate notes at Libor plus 365 bps, $19.25 million of class E deferrable floating-rate notes at Libor plus 637 bps and $40.35 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Trimaran Advisors will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by first-lien senior secured loans.
Trimaran Advisors has priced one new CLO year to date.
The portfolio company of business development company KCAP Financial, Inc. is based in New York.
| Issuer: | Catamaran CLO 2018-1 Ltd./Catamaran CLO 2018-1 LLC
|
| Amount: | $407.6 million
|
| Maturity: | Oct. 25, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Trimaran Advisors, LLC
|
| Call feature: | Two years
|
| Pricing date: | Sept. 17
|
|
|
| Class A-1 notes
|
| Amount: | $244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 637 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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