Crestline Denali preps $413.7 million Denali Capital CLO XI offering

By Cristal Cody

Tupelo, Miss., Feb. 24 – Crestline Denali Capital, LP intends to price $413.7 million of notes in the Denali Capital CLO XI, Ltd./Denali Capital CLO XI, LLC transaction, according to a market source.

The Rule 144A-eligible deal includes $253.5 million of class A-1 floating-rate notes (//AAA); $41.22 million of class A-2 floating-rate notes; $27.41 million of class B floating-rate notes; $24.6 million of class C floating-rate notes; $21.96 million of class D floating-rate notes; $7.91 million of class E floating-rate notes and $37.1 million of subordinated notes.

Natixis Securities Americas LLC is the placement agent.

Crestline Denali Capital will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

The notes are due March 20, 2027.

The CLO is backed entirely by first-lien senior secured loans.

Proceeds will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.

Crestline Denali Capital was formed in 2014 by alternative investment manager Crestline Investors, Inc. of Fort Worth, Texas, and Denali Capital LLC, an Oak Brook, Ill.-based commercial loan asset management firm.

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