DoubleLine markets $406.25 million of notes in Parallel 2019-1 CLO

By Cristal Cody

Tupelo, Miss., July 16 – DoubleLine Capital LP is offering $406.25 million of notes due July 20, 2032 in the manager’s first collateralized loan obligation transaction of 2019, according to a market source and a S&P Global Ratings news release on Tuesday.

The Parallel 2019-1 Ltd./Parallel 2019-1 LLC deal includes $3 million of class X floating-rate notes (AAA); $244 million of class A-1 floating-rate notes (AAA); $16 million of class A-2 floating-rate notes (/non-rated/); $42 million of class B floating-rate notes (AA); $26 million of class C deferrable floating-rate notes (A); $20 million of class D deferrable floating-rate notes (BBB-), $17 million of class E deferrable floating-rate notes (BB-) and $38.25 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

The CLO has a two-year non-call period and a five-year reinvestment period.

The CLO is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.

The transaction is expected to close Aug. 29.

DoubleLine Capital priced two new issue CLOs in 2018. The CLO manager brought its first CLO deal to the primary market in 2015 and its second CLO transaction in 2017.

The investment management firm is based in Los Angeles.

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