By Cristal Cody
Tupelo, Miss., June 17 – DoubleLine Capital LP sold $415 million of notes due July 20, 2027 in a collateralized loan obligation deal, a market source said.
Parallel 2015-1 Ltd./Parallel 2015-1 LLC priced $3 million of class X senior secured floating-rate notes at Libor plus 100 basis points, $256 million of class A senior secured floating-rate notes at Libor plus 145 bps and $47 million of class B senior secured floating-rate notes at Libor plus 205 bps.
The CLO also sold $14 million of class C-1 mezzanine secured deferrable floating-rate notes at Libor plus 275 bps; $7 million of 5.17% class C-2 mezzanine secured deferrable fixed-rate notes; $24 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 365 bps; $20 million of class E junior secured deferrable floating-rate notes at Libor plus 515 bps; $8 million of class F junior secured deferrable floating-rate notes at Libor plus 660 bps and $36 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the deal.
DoubleLine Capital will manage the CLO.
The CLO is non-callable until Oct. 20, 2017. The reinvestment period ends Oct. 20, 2019.
The offering is backed primarily by broadly syndicated first-lien senior secured corporate loans and eligible investments.
DoubleLine Capital is an investment management firm based in Los Angeles.
| Issuer: | Parallel 2015-1 Ltd./Parallel 2015-1 LLC
|
| Amount: | $415 million
|
| Maturity: | July 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Morgan Stanley & Co. LLC
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | Oct. 20, 2017
|
| Pricing date: | June 15
|
| Settlement date: | July 9
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-1 notes
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| Amount: | $14 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-2 notes
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| Amount: | $7 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 5.17%
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 660 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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