By Cristal Cody
Tupelo, Miss., Oct. 9 – Canyon CLO Advisors LLC priced $454 million of notes due Oct. 15, 2031 in the manager’s second collateralized loan obligation offering of the year, according to market sources.
Canyon CLO 2020-2, Ltd. sold $270 million of class A floating-rate notes at Libor plus 145 basis points, $51.75 million of class B-1 floating-rate notes at Libor plus 190 bps and $11.25 million of 2.27% class B-2 fixed-rate notes.
The CLO 2020-2 also priced $27 million of class C deferrable floating-rate notes at Libor plus 260 bps, $24.75 million of class D deferrable floating-rate notes at Libor plus 385 bps, $15.75 million of class E deferrable floating-rate notes at Libor plus 740 bps and $44.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Canyon CLO Advisors will manage the CLO.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
Canyon CLO Advisors is a Los Angeles-based subsidiary of alternative asset manager Canyon Capital Advisors LLC.
| Issuer: | Canyon CLO 2020-2, Ltd.
|
| Amount: | $454 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Canyon CLO Advisors LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 22
|
|
|
| Class A notes
|
| Amount: | $279 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $51.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $11.25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.27%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 740 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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