By Cristal Cody
Tupelo, Miss., March 18 – Crestline Denali Capital, LP priced $413.68 million of notes in the Denali Capital CLO XI, Ltd./Denali Capital CLO XI, LLC transaction, according to a market source.
The CLO sold $253.5 million of class A-1 senior secured floating-rate notes at Libor plus 157 basis points; $41.2 million of class A-2 senior secured floating-rate notes at Libor plus 245 bps; $27.41 million of class B senior secured deferrable floating-rate notes at Libor plus 320 bps; $24.6 million of class C senior secured deferrable floating-rate notes at Libor plus 417 bps; $21.96 million of class D senior secured deferrable floating-rate notes at Libor plus 545 bps; $7.91 million of class E senior secured deferrable floating-rate notes at Libor plus 595 bps and $37.1 million of subordinated notes.
Natixis Securities Americas LLC was 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.
| Issuer: | Denali Capital CLO XI, Ltd./Denali Capital CLO XI, LLC
|
| Amount: | $413.68 million
|
| Maturity: | March 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | Two years
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 23
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $253.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $41.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $27.41 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $24.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 417 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $21.96 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | $7.91 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | $37.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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