By Cristal Cody
Tupelo, Miss., Aug. 8 – Steele Creek Investment Management LLC priced $413.5 million of notes due Aug. 24, 2026 in a collateralized loan obligation transaction, according to an informed source.
Steele Creek CLO 2014-1 Ltd./Steele Creek CLO 2014-1, LLC placed $213.8 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points and $40 million of class A-2 senior secured floating-rate notes at Libor plus 150 bps.
The CLO also sold $46.2 million of class B senior secured floating-rate notes at Libor plus 225 bps; $24 million of class C deferrable floating-rate notes at Libor plus 320 bps; $25 million of class D deferrable floating-rate notes at Libor plus 340 bps; $7 million of class E-1 deferrable floating-rate notes at Libor plus 475 bps; $12.5 million of class E-2 deferrable floating-rate notes at Libor plus 695 bps and $45 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Steele Creek Investment Management will manage the CLO, which is backed mainly by first-lien senior secured loans and eligible investments.
The CLO has a two-year non-call period and a four-year reinvestment period.
Steele Creek Investment Management, a subsidiary of advisory firm Moelis & Co. LLC, is an asset management firm based in Charlotte, N.C.
Issuer: | Steele Creek CLO 2014-1 Ltd./Steele Creek CLO 2014-1, LLC
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Amount: | $413.5 million
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Maturity: | Aug. 24, 2026
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BNP Paribas Securities Corp.
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Manager: | Steele Creek Investment Management LLC
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Call feature: | 2016
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Pricing date: | July 18
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Settlement date: | Aug. 21
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Class A-1 notes
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Amount: | $213.8 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 160 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA (expected)
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|
Class A-2 notes
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Amount: | $40 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 150 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA (expected)
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|
Class B notes
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Amount: | $46.2 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 225 bps
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Rating: | Moody’s: Aa2
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|
Class C notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 320 bps
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Rating: | Moody’s: A2
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|
Class D notes
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Amount: | $25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 340 bps
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Rating: | Moody’s: Baa3
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|
Class E-1 notes
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Amount: | $7 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 475 bps
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Rating: | Moody’s: Ba3
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Class E-2 notes
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Amount: | $12.5 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 695 bps
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Rating: | Moody’s: Ba3
|
|
Equity tranche
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Amount: | $45 million
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Securities: | Subordinated notes
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Rating: | Non-rated
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