Cavalry CLO III looks to refinance notes, change to Bain management

By Tali Rackner

Minneapolis, June 22 – Cavalry CLO III, Ltd./Cavalry CLO III, LLC is seeking consents from its subordinated noteholders to refinance notes and change the collateral manager to Bain Capital Credit, LP from Regiment Capital Management, LLC, according to a notice from trustee U.S. Bank NA.

As a result of the new manager, the issuer of the notes would change to Bain Capital Credit CLO 2017-2, Ltd./Bain Capital Credit CLO 2017-2, LLC.

Cavalry intends to new class X notes (Aaa(sf)/AAA(sf)/), class A-R notes (Aaa(sf)/AAA(sf)/), class B-R notes (/AA(sf)/), class C-R notes (/A(sf)/), class D-R notes (/BBB-(sf)/), class E notes (/BB(sf)/) and subordinated notes.

Proceeds will be used to replace the existing class A, B, C, D and subordinated notes.

Bain Capital Credit is a Boston-based asset management firm.

Regiment Capital Management is an investment manager focused on fixed-income credit-related strategies, also based in Boston.

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