The Carlyle Group said today it has closed a $415 million collateralized loan obligation, its sixth CLO of 2013.
The $415 million Carlyle Global Market Strategies CLO 2013-4 invests in corporate leveraged loans and high yield bonds. Like some of Carlyle’s recent U.S. deals, it includes a class of senior notes with a coupon that steps up after 18 months; market sources say this feature is tailored to an investor seeking short-term exposure.
The $122 million class A-1 notes pay Libor plus 147 basis points for the life of the transaction, while the $132 million class A-2 notes pay Libor plus 122 basis points for the first 18 months, Libor plus 160 basis points for the next 12 months and Libor plus 190 basis points.
Wells Fargo arranged the transaction.
Carlyle’s previous U.S. CLO closed in June at $517 million. With the close of the latest CLO, Carlyle has raised more than $2.16 billion in the U.S. in 2013. Since the beginning of 2011 the firm has raised approximately $5.86 billion of CLOs globally including the close last month of a 329.5 million European CLO.
Carlyle’s structured credit/CLO business, with $17.5 billion in assets under management, is part of the firm’s Global Market Strategies platform, which has approximately $35.4 billion in assets under management as of September 30, 2013.