Chicago, Oct. 19 – CarVal CLO Management LLC priced $400.8 million of notes in a collateralized loan obligation being issued by CarVal CLO VIII-C Ltd./CarVal CLO VIII-C LLC, according to a presale report.
The notes will mature on Oct. 22, 2035.
The CLO consists of $248 million of class A senior secured floating-rate notes at SOFR plus 230 basis points, $42 million of class B-1 senior secured floating-rate notes at SOFR plus 300 bps, $14 million of class B-2 6.18% senior secured fixed-rate notes, $22 million of class C senior secured deferrable floating-rate notes at SOFR plus 380 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 516 bps, $11.2 million of class E senior secured deferrable floating-rate notes at SOFR plus 862 bps and $41.6 million of subordinated notes.
CarVal CLO Management LLC will manage the collateral through the end of the reinvestment period on Oct. 22, 2026.
Collateral for the notes consists of speculative-grade senior secured term loans.
The notes can be called starting Oct. 22, 2024.
BofA Securities Inc. 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 VIII-C Ltd./CarVal CLO VIII-C LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $400.8 million
|
| Maturity: | Oct. 22, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | CarVal CLO Management LLC
|
| Call feature: | Oct. 22, 2024
|
| Settlement date: | Oct. 25
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.18%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 516 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 862 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.6 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
