By Cristal Cody
Tupelo, Miss., Dec. 13 – DoubleLine Capital LP closed Thursday on a new $407.05 million collateralized loan obligation transaction, according to a market source.
Parallel 2018-2 Ltd./Parallel 2018-2 LLC CLO sold $260 million of class A-1 senior secured floating-rate notes at Libor plus 125 basis points; $44 million of class A-2 senior secured floating-rate notes at Libor plus 185 bps; $18 million of class B mezzanine secured deferrable floating-rate notes at Libor plus 215 bps; $27 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 315 bps; $20 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 630 bps and $38.05 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are due Oct. 20, 2031.
The CLO is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
DoubleLine Capital has priced two new issue CLOs year to date. The CLO manager brought its first CLO deal in 2015 and its second CLO transaction in 2017.
The investment management firm is based in Los Angeles.
| Issuer: | Parallel 2018-2 Ltd./Parallel 2018-2 LLC
|
| Amount: | $407.05 million
|
| Maturity: | Oct. 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
|
| Pricing date: | Nov. 2
|
| Settlement date: | Dec. 13
|
|
|
| Class A-1 notes
|
| Amount: | $260 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $18 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $38.05 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
