By Cristal Cody
Tupelo, Miss., April 3 – Steele Creek Investment Management LLC priced a $409.6 million new collateralized loan obligation transaction, according to a market source.
Steele Creek CLO 2018-1 Ltd./Steele Creek CLO 2018-1, LLC sold $260 million of class A floating-rate notes at Libor plus 101 basis points; $44 million of class B floating-rate notes at Libor plus 148 bps; $24.5 million of class C floating-rate notes at Libor plus 190 bps; $23.5 million of class D floating-rate notes at Libor plus 285 bps; $16 million of class E floating-rate notes at Libor plus 575 bps and $41.6 million of subordinated notes.
The notes are due April 15, 2031.
BNP Paribas Securities Corp. was the placement agent.
Steele Creek Investment Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed entirely by first-lien senior secured loans.
Steele Creek Investment Management was last in the CLO primary market with one transaction in 2016.
The Charlotte, N.C.-based asset management firm is a subsidiary of global advisory firm Moelis & Co. LLC.
| Issuer: | Steele Creek CLO 2018-1 Ltd./Steele Creek CLO 2018-1, LLC
|
| Amount: | $409.6 million
|
| Maturity: | April 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Steele Creek Investment Management LLC
|
| Call feature: | Two years
|
| Settlement date: | May 10
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $260 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 101 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $41.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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