CreekSource to price $300 million six-tranche Mill Creek CLO deal via Goldman Sachs

By Cristal Cody

Tupelo, Miss., Feb. 4 – CreekSource LLC intends to price $300 million of notes due April 15, 2028 in a new collateralized loan obligation offering, according to a market source.

The Mill Creek CLO II, Ltd./Mill Creek CLO II LLC 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, Inc.

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