By Cristal Cody
Tupelo, Miss., April 12 – Carlyle CLO Management LLC priced $553.3 million of notes in a second refinancing of the vintage Carlyle Global Market Strategies CLO 2012-4, Ltd./Carlyle Global Market Strategies CLO 2012-4 LLC deal, according to a market source.
The CLO sold $1.3 million of class X-RR floating-rate notes at Libor plus 75 basis points; $372 million of class A-1-RR floating-rate notes at Libor plus 136 bps; $12 million of class A-2-RR floating-rate notes at Libor plus 170 bps; $72 million of class B-RR floating-rate notes at Libor plus 190 bps; $39 million of class C-RR floating-rate notes at Libor plus 290 bps; $30 million of class D-RR floating-rate notes at Libor plus 390 bps and $27 million of class E-RR floating-rate notes at Libor plus 729 bps.
Barclays was the refinancing agent.
Carlyle will continue to manage the CLO.
The maturity on the refinanced notes was extended to April 22, 2032 from Jan. 20, 2029.
The CLO has an extended two-year non-call period and an extended five-year reinvestment period.
The CLO was originally issued Dec. 12, 2012.
In the first $620.25 million refinancing deal issued Oct. 20, 2016, the CLO sold $377.5 million of class A-R floating-rate notes at Libor plus 145 bps; $80.5 million of class B-R floating-rate notes at Libor plus 190 bps; $41.9 million of class C-1-R floating-rate notes at Libor plus 260 bps; $5 million of 3.9% class C-2R fixed-rate notes; $27.8 million of class D-R floating-rate notes at Libor plus 410 bps and $26 million of class E-R floating-rate note at Libor plus 751 bps.
Proceeds will be used to redeem the refinanced notes. The $61.55 million of subordinated notes in the equity tranche will remain outstanding.
Carlyle has priced one new CLO and one refinanced CLO year to date. The CLO manager priced four dollar-denominated broadly syndicated CLOs in 2018.
The asset management firm is an affiliate of Washington, D.C.-based Carlyle Group.
| Issuer: | Carlyle Global Market Strategies CLO 2012-4, Ltd./Carlyle Global Market Strategies CLO 2012-4 LLC
|
| Amount: | $553.30 million refinancing
|
| Maturity: | April 22, 2032
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Carlyle Investment Management LLC
|
| Call feature: | Jan. 20, 2019
|
| Notice date: | April 5
|
| Refinancing date: | April 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X-RR notes
|
| Amount: | $1.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 75 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $372 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 136 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-RR notes
|
| Amount: | $72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $39 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 729 bps
|
| Ratings: | S&P: Non-rated
|
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