Chicago, Dec. 19 – Symphony Alternative Asset Management LLC sold $391 million in a collateralized loan obligation issued by Symphony CLO 37, Ltd./Symphony CLO 37, LLC, according to a presale report.
The notes will mature on October 2034.
The CLO consists of $203 million of class A-1a senior secured floating-rate notes at SOFR plus 230 basis points, $30 million of class A-1a senior secured floating-rate loans at SOFR plus 230 bps, $15 million of class A-1b 6.4% senior secured fixed-rate notes, $16 million of class A-2 6.77% senior secured fixed-rate notes, $27 million of class B-1 senior secured floating-rate notes at SOFR plus 310 bps, $6 million of class B-2 7.05% senior secured fixed-rate notes, $25 million of class C senior secured deferrable floating-rate notes at SOFR plus 400 bps, $21 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 543 bps, $5 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 711 bps, $10.55 million of class E senior secured deferrable floating-rate notes at SOFR plus 883 bps, $250,000 of class F senior deferrable floating-rate notes at SOFR plus 870 bps, $ million of class senior deferrable floating-rate notes at SOFR plus bps, and$32.2 million of subordinated notes.
Symphony Alternative Asset Management LLC will manage the collateral through the end of the reinvestment period on January 2026.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting December 2023.
SG Americas Securities, LLC was the placement agent.
| Issuer: | Symphony CLO 37, Ltd./Symphony CLO 37, LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $391 million
|
| Maturity: | October 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities, LLC
|
| Manager: | Symphony Alternative Asset Management LLC
|
| Call feature: | December 2023
|
| Settlement date: | Dec. 6
|
|
|
| Class A-1a notes
|
| Amount: | $203 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1a loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1b notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.4%
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.77%
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.05%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 543 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 711 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.55 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 883 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $250,000
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | SOFR plus 870 bps
|
| Rating: | Moody’s: B3
|
|
|
| Subordinated notes
|
| Amount: | $32.2 million
|
| Securities: | Subordinated notes
|
|
|
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