Crestline Denali to price $358.28 million Denali Capital CLO XII

By Cristal Cody

Tupelo, Miss., Feb. 16 – Crestline Denali Capital, LP plans to price a $358.28 million Rule 144A-eligible collateralized loan obligation deal, according to a market source.

The Denali Capital CLO XII, Ltd./Denali Capital CLO XII LLC offering includes $192.25 million of class A-1 floating-rate notes (//AAA); $30 million of class A-2 fixed-rate notes (//AAA); $22.88 million of class B-1 floating-rate notes; $20 million of class B-2 fixed-rate notes; $20.35 million of class C floating-rate notes; $19 million of class D floating-rate notes; $17.5 million of class E floating-rate notes; $4.9 million of class F floating-rate notes and $31.4 million of subordinated notes.

BNP Paribas Securities Corp. is the placement agent.

Crestline Denali will manage the CLO.

The CLO, backed primarily by first-lien senior secured loans, will have a two-year non-call period and a four-year reinvestment period.

Proceeds from the deal will be used to purchase a portfolio of about $350 million of mostly senior secured leveraged loans.

Crestline Denali was last in the CLO primary market on Feb. 25, 2015 with the $413.68 million Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC transaction.

The asset management firm is based in Oak Brook, Ill.

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