By Cristal Cody
Tupelo, Miss., June 20 – Carlyle CLO Management LLC priced $559.4 million of notes due July 25, 2032 in the new Carlyle US CLO 2019-2 Ltd./Carlyle US CLO 2019-2 LLC transaction, according to market sources.
The CLO sold $352 million of class A-1 floating-rate notes at Libor plus 128 basis points, $40.5 million of class A-2A floating-rate notes at Libor plus 175 bps and $20 million of 4% class A-2B senior secured fixed-rate notes.
Carlyle US CLO 2019-2 also priced $38.5 million of class B deferrable floating-rate notes at Libor plus 230 bps, $33 million of class C deferrable floating-rate notes at Libor plus 370 bps, $18.7 million of class D deferrable floating-rate notes at Libor plus 660 bps and $56.7 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Carlyle has priced two new issue CLOs year to date.
The CLO manager brought four dollar-denominated broadly syndicated CLOs to the market in 2018.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle US CLO 2019-2 Ltd./Carlyle US CLO 2019-2 LLC
|
| Amount: | $559.4 million
|
| Maturity: | July 25, 2032
|
| Securities: | Fixed-rate floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Carlyle CLO Management LLC
|
| Call feature: | Two years
|
| Pricing date: | June 14
|
| Settlement date: | July 25
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $352 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $40.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | $66 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $38.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $18.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $56.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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