By Cristal Cody
Tupelo, Miss., June 11 – Carlson Capital, LP priced $410.6 million of notes due July 15, 2027 in the Cathedral Lake II Ltd./Cathedral Lake II Corp. transaction, according to a market source.
The CLO sold $3.75 million of class A-X floating-rate notes at Libor plus 130 basis points; $257 million of class A-1 floating-rate notes at Libor plus 159 bps; $46.75 million of class B floating-rate notes at Libor plus 221 bps; $26.25 million of class C deferrable floating-rate notes at Libor plus 320 bps; $20.4 million of class D deferrable floating-rate notes at Libor plus 365 bps; $12.25 million of class E-1 deferrable floating-rate notes at Libor plus 551 bps; $7 million of class E-2 deferrable floating-rate notes at Libor plus 696 bps and $37.2 million of subordinated notes.
Jefferies LLC was the placement agent.
Carlson Capital will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.
The CLO has a non-call period that ends July 15, 2017. The reinvestment period ends July 15, 2019.
Carlson Capital was last in the primary market in 2013 with the $363 million Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp. transaction.
The alternative asset management firm is based in Dallas.
Issuer: | Cathedral Lake II Ltd./Cathedral Lake II Corp.
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Amount: | $410.6 million
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Maturity: | July 15, 2027
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Jefferies LLC
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Manager: | Carlson Capital, LP
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Call feature: | July 15, 2017
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Pricing date: | June 11
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Settlement date: | July 22
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Class A-X notes
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Amount: | $3.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 130 bps
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Rating: | Standard & Poor’s: AAA
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Class A-1 notes
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Amount: | $257 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 159 bps
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Rating: | Standard & Poor’s: AAA
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Class B notes
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Amount: | $46.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 221 bps
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Rating: | Standard & Poor’s: AA
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Class C notes
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Amount: | $26.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 320 bps
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Rating: | Standard & Poor’s: A
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Class D notes
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Amount: | $20.4 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 365 bps
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Rating: | Standard & Poor’s: BBB
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Class E-1 notes
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Amount: | $12.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 551 bps
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Rating: | Standard & Poor’s: BB
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Class E-2 notes
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Amount: | $7 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 696 bps
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Rating: | Standard & Poor’s: BB
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Equity
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Amount: | $37.2 million
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Securities: | Subordinated notes
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Rating: | Non-rated
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