Chicago, June 27 – DoubleLine Capital LP sold $398.45 million in a collateralized loan obligation being issued by Parallel 2023-1 Ltd./Parallel 2023-1 LLC, according to a presale report.
The notes will mature on July 20, 2036.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $64 million of class A-2 senior secured floating-rate notes at SOFR plus 290 bps, $20 million of class B senior secured deferrable floating-rate notes at SOFR plus 350 bps, $22.4 million of class C senior secured deferrable floating-rate notes at SOFR plus 617 bps, $12.6 million of class D senior secured deferrable floating-rate notes at SOFR plus 925 bps and $39.45 million of subordinated notes.
DoubleLine Capital LP will manage the collateral through the end of the reinvestment period on July 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 29, 2025.
J.P. Morgan Securities LLC was the placement agent.
The investment management firm is based in Los Angeles.
| Issuer: | Parallel 2023-1 Ltd./Parallel 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $398.45 million
|
| Maturity: | July 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | June 29, 2025
|
| Settlement date: | June 29
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
|
|
| Class A-2 notes
|
| Amount: | $64 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $22.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 617 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 925 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.45 million
|
| Securities: | Subordinated notes
|
|
|
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