By Cristal Cody
Tupelo, Miss., Oct. 18 – Carlson Capital, LP priced $337 million of notes due Oct. 17, 2028 in a partial refinancing of the vintage 2016 Cathedral Lake IV Ltd./Cathedral Lake IV LLC transaction, according to a notice of revised proposed first supplemental indenture on Thursday.
The CLO sold $239 million of class A-R senior secured floating-rate notes at Libor plus 125 basis points, $64 million of class B-R senior secured floating-rate notes at Libor plus 225 bps, $25 million of class C-R secured deferrable floating-rate notes at Libor plus 300 bps and $9 million of class E-2-R secured deferrable floating-rate notes at Libor plus 783 bps.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
Carlson CLO Advisers, LLC is the CLO manager.
The refinanced notes will have an extended non-call period that ends in October 2020.
In the original $404.15 million transaction issued Oct. 27, 2016, the CLO priced $239 million of class A floating-rate notes at Libor plus 165 bps; $64 million of class B floating-rate notes at Libor plus 235 bps; $25 million of class C deferrable floating-rate notes at Libor plus 330 bps; $21 million of class D deferrable floating-rate notes at Libor plus 451 bps; $10 million of class E-1 deferrable floating-rate notes at Libor plus 683 bps; $9 million of class E-2 deferrable floating-rate notes at Libor plus 783 bps and $36.15 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Carlson Capital is an alternative asset management firm based in Dallas.
| Issuer: | Cathedral Lake IV Ltd./Cathedral Lake IV LLC
|
| Amount: | $337 million refinancing
|
| Maturity: | Oct. 17, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Carlson CLO Advisers, LLC
|
| Call feature: | October 2020
|
| Settlement date: | Oct. 21
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $239 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $64 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A expected
|
|
|
| Class E-2-R notes
|
| Amount: | $9 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 783 bps
|
| Rating: | S&P: BB- expected
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
