By Cristal Cody
Tupelo, Miss., Nov. 25 – CBAM Partners LLC priced $468 million of notes due Jan. 20, 2034 in a broadly syndicated collateralized loan obligation deal, according to market sources.
CBAM 2020-13, Ltd./CBAM 2020-13 LLC sold $279 million of class A floating-rate notes at Libor plus 143 basis points, $42.5 million of class B-1 floating-rate notes at Libor plus 180 bps and $7 million of 2.561% class B-2 fixed-rate notes.
The deal also included $87.75 million of 2.25% class C fixed-rate notes, $11.7 million of 5% class D-1 fixed-rate notes, $8.55 million of class D-2 notes that do not accrue interest and $31.5 million of variable dividend notes.
The class C, D-1 and D-2 notes can defer interest without triggering a default.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a two-year non-call period and five-year reinvestment period.
The offering is collateralized primarily by broadly syndicated senior secured loans.
CBAM has priced two new dollar-denominated deals year to date.
The New York City-based portfolio company of private investment firm Eldridge Industries priced three new dollar-denominated CLOs in 2019.
| Issuer: | CBAM 2020-13, Ltd./CBAM 2020-13 LLC
|
| Amount: | $468 million
|
| Maturity: | Jan. 20, 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | CBAM Partners LLC
|
| Call feature: | Two years
|
| Settlement date: | Dec. 16
|
|
|
| Class A notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Ratings: | Kroll: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $42.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Kroll: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | 2.561%
|
| Ratings: | Kroll: AA
|
|
|
| Class C notes
|
| Amount: | $87.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.25%
|
| Ratings: | Kroll: BBB-
|
|
|
| Class D-1 notes
|
| Amount: | $11.7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5%
|
| Ratings: | Kroll: BB-
|
|
|
| Class D-2 notes
|
| Amount: | $8.55 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | None
|
| Ratings: | Kroll: BB-
|
|
|
| Equity
|
| Amount: | $31.5 million
|
| Securities: | Variable dividend notes
|
| Ratings: | Non-rated
|
|
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