Chicago, Oct. 16 – Trimaran Advisors LLC priced $458.425 million of notes in a collateralized loan obligation being issued by Trimaran CAVU 2023-2 Ltd./Trimaran CAVU 2023-2 LLC, according to a presale report.
The notes will mature on Oct. 20, 2036.
The CLO consists of $283.5 million of class A senior secured floating-rate notes at SOFR plus 183 basis points, $53 million of class B-1 senior secured floating-rate notes at SOFR plus 250 bps, $5.5 million of class B-2 6.9% senior secured fixed-rate notes, $23 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 300 bps, $4 million of class C-2 7.4% senior secured deferrable fixed-rate notes, $18 million of class D-1A senior secured deferrable floating-rate notes at SOFR plus 450 bps, $4.5 million of class D-1B 8.9% senior secured deferrable fixed-rate notes, $4.5 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 608 bps, $14.18 million of class E senior secured deferrable floating-rate notes at SOFR plus 805 bps and $48.25 million of subordinated notes.
Trimaran Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 16, 2025.
J.P. Morgan Securities LLC was the placement agent.
The manager is a subsidiary of New York-based LibreMax Capital, LLC.
| Issuer: | Trimaran CAVU 2023-2 Ltd./Trimaran CAVU 2023-2 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $458,425,000
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Trimaran Advisors LLC
|
| Call feature: | Nov. 16, 2025
|
| Pricing date: | Oct. 13
|
| Settlement date: | Nov. 16
|
|
|
| Class A notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 183 bps
|
|
|
| Class B-1 notes
|
| Amount: | $53 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $5.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.9%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 7.4%
|
| Rating: | S&P: A+
|
|
|
| Class D-1A notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-1B notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 8.9%
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 608 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14,175,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 805 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.25 million
|
| Securities: | Subordinated notes
|
|
|
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