Carlyle U.S. CLO 2013-3 Risk Retention Investment LLC $19.075 Million Term Loans Assigned Rating

Stocks and Financial Services Press Releases Thursday December 7, 2017 09:05
NEW YORK--7 Dec--S&P Global Ratings
OVERVIEW
  • Carlyle U.S. CLO 2013-3 Risk Retention Investment LLC's term loans are backed mainly by 5% of the classes issued by Carlyle U.S. CLO 2013-3 Ltd., a collateralized loan obligation (CLO).
  • We assigned our 'AA- (sf)' rating to the term loans.
  • The rating reflects our view of Carlyle U.S. CLO 2013-3 Ltd.'s diversified collateral pool and credit enhancement and Carlyle U.S. CLO 2013-3 Risk Retention Investment LLC's legal structure, among other factors.
NEW YORK (S&P Global Ratings) Dec. 6, 2017--S&P Global Ratings today assigned its 'AA- (sf)' rating to Carlyle U.S. CLO 2013-3 Risk Retention Investment LLC' s $19.075 million term loans.

The term loans are backed mainly by 5% of the class A-1A-R, A-1B-R, and A-2-R notes issued by Carlyle U.S. CLO 2013-3 Ltd., a CLO managed by Carlyle CLO Management LLC. In addition, the documents state that the loans are backed by a 5% portion of Carlyle U.S. CLO 2013-3 Ltd.'s class B-R, C-R, D-R, and E-R notes and a portion of that transaction's collateral management fees. The issuer is a majority-owned affiliate (MOA) of Carlyle CLO Management LLC and is a bankruptcy-remote, single-use special-purpose entity.

Interest and principal from the underlying securities is passed through to pay interest and principal on Carlyle U.S. CLO 2013-3 Risk Retention Investment LLC's term loans. The underlying CLO's collateral management fees were transferred to the MOA issuer in the form of a contribution.


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