Chicago, Feb. 14 – CarVal CLO Management LLC priced $508.2 million of notes in a collateralized loan obligation being issued by CarVal CLO IX-C Ltd./CarVal CLO IX-C LLC, according to a presale report.
The notes will mature on April 20, 2037.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 168 basis points, $60 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 675 bps and $53.2 million of subordinated notes.
CarVal CLO Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 5, 2026.
Deutsche Bank 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 IX-C Ltd./CarVal CLO IX-C LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $508.2 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | CarVal CLO Management LLC
|
| Call feature: | March 5, 2026
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 5
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 168 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $53.2 million
|
| Securities: | Subordinated notes
|
|
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