By Cristal Cody
Tupelo, Miss., Nov. 23 – Carlyle CLO Management LLC priced $359.83 million of notes due Oct. 25, 2031 in a new broadly syndicated collateralized loan obligation offering, according to market sources.
Carlyle US CLO 2020-2, Ltd./Carlyle US CLO 2020-2 LLC priced $162 million of class A-1a floating-rate notes at Libor plus 132 basis points, $62 million of 1.7% class A-1b fixed-rate notes and $42 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO sold $21 million of class B deferrable floating-rate notes priced at Libor plus 250 bps, $21 million of class C deferrable floating-rate notes at Libor plus 400 bps, $11.38 million of class D deferrable floating-rate notes at Libor plus 740 bps and $40.45 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO features a one-year non-call period and a three-year reinvestment period.
The notes are backed primarily by first-lien senior secured corporate loans.
Carlyle has priced two dollar-denominated CLOs year to date.
The asset management firm is an affiliate of the Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle US CLO 2020-2, Ltd./Carlyle US CLO 2020-2 LLC
|
| Amount: | $359.83 million
|
| Maturity: | Oct. 25, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Carlyle CLO Management LLC
|
| Call feature: | One year
|
| Settlement date: | Nov. 24
|
|
|
| Class A-1a notes
|
| Amount: | $162 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $62 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.7%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securitie s: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $11.38 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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