By Cristal Cody
Tupelo, Miss., Feb. 3 – DoubleLine Capital LP priced $350 million notes in a refinancing of the Parallel 2017-1 Ltd./Parallel 2017-1 LLC collateralized loan obligation, according to market sources.
The CLO sold $252 million of class A-1-R floating-rate notes at Libor plus 103 basis points, $16 million of class A-2-R floating-rate notes at Libor plus 135 bps, $34 million of class B-R floating-rate notes at Libor plus 150 bps, $26 million of class C-R floating-rate notes at Libor plus 200 bps and $22 million of class D-R floating-rate notes at Libor plus 310 bps.
The notes priced at par.
Citigroup Global Markets Inc. was the refinancing placement agent.
The refinanced CLO has a one-year non-call period and a 1.5-year reinvestment period.
In the original $409.5 million transaction issued June 7, 2017, the CLO sold $252 million of class A-1 floating-rate notes at Libor plus 131 bps; $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.
Proceeds will be used to redeem the original notes.
Collateral consists of broadly syndicated first-lien senior secured corporate loans.
DoubleLine Capital is an investment management firm based in Los Angeles.
| Issuer: | Parallel 2017-1 Ltd./Parallel 2017-1 LLC
|
| Amount: | $350 million refinancing
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | DoubleLine Capital LP
|
| Call feature: | One year
|
| Pricing date: | Jan. 22
|
|
|
| Class A-1-R notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 103 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-R notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $34 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
| Fitch: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
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