Chicago, July 14 – DoubleLine Capital LP sold $406.25 million of notes in the collateralized loan obligation transaction issued by Parallel 2021-1 Ltd./Parallel 2021-1 LLC, according to a pre-sale report.
The CLO matures July 15, 2034.
The notes are the $244 million of class A senior secured floating-rate notes at Libor plus 121 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 185 bps, $23.2 million of class C senior secured deferrable floating-rate notes at Libor plus 230 bps, $24.4 million of class D senior secured deferrable floating-rate notes at Libor plus 345 bps, $13 million of class E senior secured deferrable floating-rate notes at Libor plus 647 bps and $41.65 million of subordinated notes.
Barclays is the placement agent.
The reinvestment period ends July 15, 2026. DoubleLine will manage the collateral through that time.
Collateral for the notes will primarily be senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called after July 15, 2023.
The investment management firm is based in Los Angeles.
| Issuers: | Parallel 2021-1 Ltd./Parallel 2021-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $406.25 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | July 15, 2023
|
| Settlement date: | June 18
|
|
|
| Class A notes
|
| Amount: | $244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $23.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 647 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.65 million
|
| Securities: | Subordinated notes
|
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