Chicago, Feb. 9 – CarVal CLO Management LLC sold $501.3 million in a collateralized loan obligation being issued by CarVal CLO VII-C Ltd./CarVal CLO VII-C LLC, according to a presale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 235 bps, $50 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $10 million of class B-2 5.93% senior secured fixed-rate notes, $27.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 370 bps, $27.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 580 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 859 bps and $52.3 million of subordinated notes.
CarVal CLO Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 20, 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 VII-C Ltd./CarVal CLO VII-C LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $501.3 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | CarVal CLO Management LLC
|
| Call feature: | July 20, 2024
|
| Settlement date: | Feb. 23
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.93%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 370 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 580 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 859 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $52.3 million
|
| Securities: | Subordinated notes
|
|
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