Chicago, July 21 – Symphony Alternative Asset Management LLC is refinancing and extended for $396 million the collateralized loan obligation issued by Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC, according to a presale report.
The notes will now mature on July 24, 2036.
The refinanced CLO consists of $2.4 million of class X senior secured floating-rate notes at SOFR plus 155 basis points, $248 million of class A-R senior secured floating-rate notes at SOFR plus 185 bps, $36 million of class B-1-R senior secured floating-rate notes at SOFR plus 265 bps, $20 million of class B-2-R 6.5% senior secured fixed-rate notes, $23 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 315 bps, $23.2 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 525 bps, $12.4 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 815 bps and $31 million of subordinated notes.
The CLO original consisted of $248 million of class A senior secured floating-rate notes at SOFR plus 10 bps plus 190 basis points, $56 million of class B senior secured floating-rate notes at SOFR plus 10 bps plus 265 bps, $23 million of class C senior secured deferrable floating-rate notes at SOFR plus 315 bps, $23.2 million of class D senior secured deferrable floating-rate notes at SOFR plus 421 bps and $12.8 million of class E senior secured deferrable floating-rate notes at SOFR plus 756 bps.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on July 24, 2028, instead of the original July 24, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 24, 2025, rather than July 27, 2023.
BofA Securities Inc. was the placement agent.
Symphony Asset Management is a San Francisco-based asset management firm.
| Issuer: | Symphony CLO 34-PS Ltd./Symphony CLO 34-PS LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $396 million
|
| Maturity: | July 24, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | July 24, 2025
|
| Settlement date: | July 27
|
|
|
| Class X notes
|
| Amount: | $2.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
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| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 6.5%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $23.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $12.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 815 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $31 million
|
| Securities: | Subordinated notes
|
|
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