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CreekSource offers $300 million in Mill Creek CLO II; deal volume light year to date
By Cristal Cody
Tupelo, Miss., Feb. 4 – New CLO primary action ahead includes a deal from CreekSource LLC, which intends to price $300 million of notes in the Mill Creek CLO II, Ltd./Mill Creek CLO II LLC transaction.
The last time the series name was used in a CLO deal was in 2011 when CreekSource affiliate 40|86 Advisors, Inc. priced the Mill Creek CLO, Ltd. transaction, a market source said.
Prudential Investment Management, Inc. also is in the deal pipeline with the $507.75 million Dryden 42 Senior Loan Fund/Dryden 42 Senior Loan Fund LLC transaction via BNP Paribas Securities Corp.
CLO volume remains light so far in 2016. CLO managers have priced $826 million of U.S. broadly syndicated CLOs and €414 million of euro-denominated CLOs year to date.
CreekSource preps deal
CreekSource intends to price $300 million of notes due April 15, 2028 in the new CLO offering, according to a market source.
The Mill Creek CLO II transaction includes $196.5 million of class A floating-rate notes (//AAA); $29.1 million of class B floating-rate notes (//AA); $12 million of class C floating-rate notes (//A); $18 million of class D floating-rate notes (//BBB-); $14.4 million of class E floating-rate notes and $30 million of subordinated notes.
Goldman Sachs & Co. is the placement agent for the Rule 144A-eligible deal.
CreekSource will manage the CLO.
The CLO will have a two-year non-call period and a four-year reinvestment period.
The deal is backed entirely by 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 was in the primary market in 2015 with two CLO deals.
The CLO manager is an affiliate of Carmel, Ind.-based investment management firm 40|86 Advisors.
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