By Cristal Cody
Tupelo, Miss., May 9 – DoubleLine Capital LP priced $409.5 million notes due July 20, 2029 in the Parallel 2017-1 Ltd./Parallel 2017-1 LLC collateralized loan obligation deal, according to a market source.
The CLO sold $252 million of class A-1 floating-rate notes at Libor plus 131 basis points; $16 million of class A-2 floating-rate notes at Libor plus 145 bps; $34 million of class B floating-rate notes at Libor plus 170 bps; $26 million of class C floating-rate notes at Libor plus 245 bps; $22 million of class D floating-rate notes at Libor plus 360 bps; $18 million of class E floating-rate notes at Libor plus 612 bps; $5 million of class F floating-rate notes at Libor plus 696 bps and $36.5 million of subordinated notes.
Morgan Stanley & Co. LLC arranged the offering.
DoubleLine Capital is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.
Collateral consists of broadly syndicated first-lien senior secured corporate loans.
DoubleLine Capital priced its first CLO deal in 2015.
The investment management firm is based in Los Angeles.
| Issuer: | Parallel 2017-1 Ltd./Parallel 2017-1 LLC
|
| Amount: | $409.5 million
|
| Maturity: | July 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | Two years
|
| Pricing date: | May 3
|
| Settlement date: | June 7
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 612 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 696 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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