By Cristal Cody
Tupelo, Miss., Feb. 6 – DoubleLine Capital LP priced $407.9 million notes due April 20, 2031 in the new Parallel 2018-1 Ltd./Parallel 2018-1 LLC collateralized loan obligation deal, according to a market source.
The CLO sold $260 million of class A-1 floating-rate notes at Libor plus 113 basis points; $42.2 million of class A-2 floating-rate notes at Libor plus 140 bps; $22 million of class B floating-rate notes at Libor plus 175 bps; $27.8 million of class C floating-rate notes at Libor plus 280 bps; $16 million of class D floating-rate notes at Libor plus 525 bps and $39.9 million of subordinated notes.
Citigroup Global Markets Inc. 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.
The CLO is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
DoubleLine Capital priced its first CLO deal in 2015 and its second CLO transaction in 2017.
The investment management firm is based in Los Angeles.
| Issuer: | Parallel 2018-1 Ltd./Parallel 2018-1 LLC
|
| Amount: | $407.9 million
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | Two years
|
| Settlement date: | March 8
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $42.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $27.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $39.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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