Carlyle, Sound Harbor price CLOs; market quiet as holiday, broader markets pinch activity

By Rebecca Melvin

New York, Sept. 25 – Terms emerged in two new collateralized loan obligations on Thursday, including Carlyle Investment Management LLC’s $571.38 million of notes due October 2026 and Sound Harbor Partners’ $456.95 million of notes also due October 2026 in its debut transaction.

Carlyle Global Market Strategies CLO 2014-4 Ltd./Carlyle Global Market Strategies CLO 2014-4 LLC priced $350,375,000 of class A-1 floating-rate notes (Aaa) at Libor plus 150 basis points; $10 million of class A-2 3.709% fixed-rate notes (Aaa); and $58.21 million of class B notes floating-rate notes (Aa2) at Libor plus 245 bps.

The CLO also sold $29,245,000 of class C floating-rate notes (A2) at 315 bps; $34,535,000 of class D floating-rate notes (Baa3) at Libor plus 360 bps; $32,865,000 of class E floating-rate notes (Ba3) at Libor plus 520 bps; $5.57 million of class F floating-rate notes (B3) at Libor plus 597 bps; and an equity tranche of $50,584,000 of subordinated notes.

Sound Harbor Loan Fund 2014-1 priced $281.2 million of class A-1 floating-rate notes (Aaa/AAA/) at Libor plus 150 bps; $60.6 million of class A-2 floating-rate notes (Aa2) at Libor plus 215 bps; $21.1 million of class B floating-rate notes (A2) at Libor plus 290 bps; $28.4 million of class C floating rate notes (Baa3) at Libor plus 476 bps; $22.8 million of class D floating-rate notes (Ba3) at Libor plus 700 bps and an equity tranche of $42.85 million of subordinated notes.

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