Steele Creek Investment Management markets $404.9 million of notes in new 2019-2 CLO

By Cristal Cody

Tupelo, Miss., July 24 – Steele Creek Investment Management LLC plans to price $404.9 million of notes due July 15, 2032 in a new broadly syndicated collateralized loan obligation transaction, according to market sources on Wednesday.

The Steele Creek CLO 2019-2 Ltd./Steele Creek CLO 2019-2, LLC deal includes $215 million of class A-1 floating-rate notes (/AAA/AAA); $41 million of class A-2 fixed-rate notes (/AAA/AAA); $44 million of class B floating-rate notes (/AA/); $26 million of class C deferrable floating-rate notes (/A/); $24 million of class D deferrable floating-rate notes (/BBB-/); $15 million of class E deferrable floating-rate notes (/BB-/) and $39.9 million of subordinated notes.

Wells Fargo Securities, LLC is the placement agent.

Steele Creek Investment Management will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.

The CLO is collateralized entirely by first lien senior secured loans.

The deal is expected to close Aug. 30.

Steele Creek Investment Management has priced one new CLO offering year to date.

The CLO manager priced two new CLOs in 2018.

Steele Creek Investment Management is a Charlotte, N.C.-based asset management firm and subsidiary of global advisory firm Moelis & Co. LLC.

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