By Cristal Cody
Tupelo, Miss., Dec. 3 – CreekSource LLC sold $305 million of notes due Jan. 20, 2028 in a collateralized loan obligation offering, according to a market source.
Bean Creek CLO, Ltd./Bean Creek CLO LLC priced $2.8 million of class X floating-rate notes at Libor plus 162 basis points; $196.5 million of class A floating-rate notes at Libor plus 162 bps; $14.9 million of class B-1 floating-rate notes at Libor plus 230 bps; $15 million of 4.07% class B-2 fixed-rate notes; $14.9 million of class C floating-rate notes at Libor plus 315 bps; $17.2 million of class D floating-rate notes at Libor plus 450 bps; $13.5 million of class E floating-rate notes at Libor plus 730 bps; $4 million of class F floating-rate notes at Libor plus 825 bps and $26.2 million of subordinated notes.
J.P. Morgan Securities LLC arranged the deal.
CreekSource will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured loans.
Proceeds from the offering will be used to purchase a portfolio of about $300 million of mostly senior secured leveraged loans.
CreekSource is an affiliate of Carmel, Ind.-based investment management firm 40|86 Advisors, Inc.
| Issuer: | Bean Creek CLO, Ltd./Bean Creek CLO LLC
|
| Amount: | $305 million
|
| Maturity: | Jan. 20, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | CreekSource LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 30
|
| Distribution: | Rule 144A
|
|
|
| Class X notes
|
| Amount: | $2.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 162 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $196.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 162 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $14.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.07%
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $14.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $17.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $13.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 730 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $26.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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