By Cristal Cody
Tupelo, Miss., March 20 - Denali Capital CLO X Ltd./ Denali Capital CLO X LLC sold $417.35 million of senior secured and deferrable floating-rate and subordinated notes in a collateralized loan obligation offering, according to a market source on Wednesday.
The deal included $255.5 million of class A-1L senior secured floating-rate notes due Dec. 31, 2025 (Aaa/AAA/) priced at Libor plus 115 basis points and $37.75 million of class A-2L senior secured floating-rate notes due Dec. 31, 2025 (Aa2/AA/) sold at Libor plus 175 bps.
Denali also sold $37 million of class A-3L deferrable floating-rate notes due Dec. 31, 2025 (/A/) at Libor plus 290 bps; $19.5 million of class B-1L deferrable floating-rate notes due Dec. 31, 2025 (/BBB/) at Libor plus 350 bps; $20 million of class B-2L deferrable floating-rate notes due Dec. 31, 2025 (/BB-/) at Libor plus 475 bps; $9.5 million of class B-3L deferrable floating-rate notes due Dec. 31, 2025 (/B/) at Libor plus 575 bps; and $38.1 million of non-rated subordinated notes due April 30, 2025.
RBS Securities Inc. was the underwriter.
The CLO manager is DC Funding Partners LLC.
The notes are backed by broadly syndicated senior secured loans to corporate borrowers.
The issues have a 24-month non-call period.
Denali Capital CLO X is a managed cash flow CLO.
| Issuer: | Denali Capital CLO X Ltd./ Denali Capital CLO X LLC
|
| Amount: | $417.35 million
|
| Securities: | Senior secured and deferrable floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: RBS Securities Inc.
|
| Manager: | DC Funding Partners LLC
|
| Call feature: | 2015
|
| Settlement date: March 28
|
|
|
| Class A-1L notes
|
| Amount: | $255.5 million
|
| Maturity: | Dec. 31, 2025
|
| Securities: | Class A-1L senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
| Class A-2L notes
|
| Amount: | $37.75 million
|
| Maturity: | Dec. 31, 2025
|
| Securities: | Class A-2L senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
|
|
| Class A-3L notes
|
| Amount: | $37 million
|
| Maturity: | Dec. 31, 2025
|
| Securities: | Class A-3L deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Standard & Poor's: A
|
|
|
| Class B-1L notes
|
| Amount: | $19.5 million
|
| Maturity: | Dec. 31, 2025
|
| Securities: | Class B-1L deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Standard & Poor's: BBB
|
|
|
| Class B-2L notes
|
| Amount: | $20 million
|
| Maturity: | Dec. 31, 2025
|
| Securities: | Class B-2L deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Ratings: | Standard & Poor's: BB-
|
|
|
| Class B-3L notes
|
| Amount: | $9.5 million
|
| Maturity: | Dec. 31, 2025
|
| Securities: | Class B-3L deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | Standard & Poor's: B
|
|
|
| Subordinated tranche
|
| Amount: | $38.1 million
|
| Maturity: | April 30, 2025
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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