Chicago, June 7 – Carlson CLO Advisers LLC sold $409.5 million of notes due April 25, 2034 in a collateralized loan obligation transaction issued by Cathedral Lake VI Ltd./Cathedral Lake VI LLC, according to a pre-sale report.
The maturity date is April 25, 2034.
The transaction includes $4 million of class X senior secured floating-rate notes at Libor plus 100 basis points, $174 million of class A-L senior secured floating-rate notes at Libor plus 125 bps, $61 million of class A-N senior secured floating-rate notes at Libor plus 125 bps, $25 million of class A-F 2.44% senior secured fixed-rate notes and $44 million of class B senior secured floating-rate notes at Libor plus 195 bps.
Lower, there are $9 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 254 bps, $2.1 million of class C-2A senior secured deferrable floating-rate notes at Libor plus 215 bps, $11.9 million of class C-2B senior secured deferrable floating-rate notes at Libor plus 261 bps, $25 million of class D senior secured deferrable floating-rate notes at Libor plus 372 bps and $16 million of class E senior secured deferrable floating-rate notes at Libor plus 721 bps.
There are also $37.5 million of subordinated notes.
Jefferies LLC is the initial purchaser.
Carlson is the collateral manager of a pool that mostly consists of broadly syndicated speculative-grade senior secured term loans.
The reinvestment period ends April 25, 2026.
There are two years of call protection.
The Dallas-based alternative asset management firm is a subsidiary of Carlson Capital LP.
Issuers: | Cathedral Lake VI Ltd./Cathedral Lake VI LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $409.5 million
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Maturity: | April 25, 2034
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Structure: | Cash flow CLO
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Placement agent: | Jefferies LLC
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Manager: | Carlson CLO Advisers LLC
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Call feature: | April 25, 2023
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Settlement date: | May 26
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Class X notes
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Amount: | $4 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 100 bps
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Rating: | S&P: AAA
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Class A-L notes
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Amount: | $174 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 125 bps
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Rating: | Moody’s: Aaa
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Class A-N notes
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Amount: | $61 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 125 bps
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Rating: | Moody’s: Aaa
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Class A-F notes
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Amount: | $25 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2.44%
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Rating: | Moody’s: Aaa
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Class B notes
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Amount: | $44 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 195 bps
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Rating: | S&P: AA
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Class C-1 notes
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Amount: | $9 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 254 bps
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Rating: | S&P: A
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Class C-2A notes
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Amount: | $2.1 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 215 bps
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Rating: | S&P: AA-
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Class C-2B notes
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Amount: | $11.9 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 261 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $25 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 372 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $16 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 721 bps
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Rating: | Moody’s: Ba3
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Subordinated notes
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Amount: | $37.5 million
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Securities: | Subordinated notes
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