Chicago, June 6 – CarVal CLO Management, LLC sold $509.3 million in a collateralized loan obligation being issued by CarVal CLO VI-C Ltd., according to a new issue report and a press release.
The notes will mature on April 21, 2034.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes, $20 million of class A-2 4.16% senior secured fixed-rate notes, $60 million of class B senior secured floating-rate notes, $22.8 million of class C mezzanine secured deferrable floating-rate notes, $29.3 million of class D mezzanine secured deferrable floating-rate notes, $26.5 million of class E junior secured deferrable floating-rate notes, $5 million of class F junior secured deferrable floating-rate notes and $45.7 million of subordinated notes.
CarVal CLO Management, LLC will manage the collateral through the end of the 3.9-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Morgan Stanley & Co. LLC was the placement agent.
The credit management investment firm is part of Minneapolis-based CarVal Investors, LLC, an independent subsidiary of Cargill, Inc.
| Issuer: | CarVal CLO VI-C Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $509.3 million
|
| Maturity: | April 21, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: Morgan Stanley & Co. LLC
|
| Manager: | CarVal CLO Management, LLC
|
| Settlement date: | June 2
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.16%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $22.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | $29.3 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | $26.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | $5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $45.7 million
|
| Securities: | Subordinated notes
|
|
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