Trimaran Advisors, a wholly-owned subsidy of KCAP Financial, is planning a $426.3 million collateralized loan obligation called Catamaran CLO 2013-1.

Credit Suisse is the arranger on the deal.

The notes, which have a two year non-call period, were assigned preliminary ratings from Standard and Poor’s.

The $277.80 million class A notes, with 40.26% subordinate and an interest rate of three-month Libor plus 1.15%, were rated ‘AAA’.

The $61.00 million B notes, with 27.14% subordination and an interest rate of three-month Libor plus 1.75%, were rated ‘AA’.

The $33.75 million C notes, with 19.88% subordinate and an interest rate of three-month Libor plus 2.60%, were rated ‘A’.

The $23.35 million D notes, with 14.86% subordination and an interest rate of three-month Libor plus 3.75%, were rated ‘BBB’.

The $19.70 million E notes, with 10.62% subordination and an interest rate of three-month Libor plus 5.00%, were rated ‘BB’.

The $10.70 million F notes, with 8.32% subordination and an interest rate of three-month Libor plus 5.50%, were rated ‘B’. A $38.70 million tranche of subordinated notes was not rated. 

The collateral backing the notes is comprised of a revolving pool consisting primarily of broadly syndicated senior secured loans. 20.00% of the collateral pool obligators were located outside of the U.S. (including its territories and possessions).

Trimaran Advisors currently manages five S&P rated CLOs and, combined with fellow KCAP portfolio company Katonah Debt Advisors, has approximately $3.4 billion of assets under management.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.