By Cristal Cody
Tupelo, Miss., Sept. 15 – DoubleLine Capital LP priced $303.65 million of notes due July 20, 2031 in the manager’s first collateralized loan obligation transaction of the year, according to market sources.
Parallel 2020-1 Ltd./Parallel 2020-1 LLC sold $175 million of class A-1 floating-rate notes at Libor plus 182.5 basis points, $47 million of class A-2 floating-rate notes at Libor plus 240 bps and $18 million of class B floating-rate notes at Libor plus 285 bps.
The CLO sold $9 million of class C-1 deferrable floating-rate notes at Libor plus 410 bps and $9 million of class C-2 deferrable floating-rate notes at Libor plus 500 bps.
Also, the CLO priced $10.5 million of class D deferrable floating-rate notes at Libor plus 764 bps with a Libor plus 835 bps discount margin, and $35.15 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized mostly by broadly syndicated first-lien senior secured corporate loans.
The investment management firm is based in Los Angeles.
| Issuer: | Parallel 2020-1 Ltd./Parallel 2020-1 LLC
|
| Amount: | $303.65 million
|
| Maturity: | July 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | One year
|
| Pricing date: | Aug. 5
|
| Settlement date: | Sept. 16
|
|
|
| Class A-1 notes
|
| Amount: | $175 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 182.5 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $47 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class C notes
|
| Amount: | $9 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 764 bps
|
| Yield: | Libor plus 835 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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