By Cristal Cody
Eureka Springs, Ark., March 7 – Crestline Denali Capital, LP raised $358.84 million in a Rule 144A-eligible collateralized loan obligation offering, according to a market source.
Denali Capital CLO XII, Ltd./Denali Capital CLO XII LLC sold $192.25 million of class A-1 floating-rate notes at Libor plus 155 basis points and $30 million of 3% class A-2 fixed-rate notes.
The CLO sold $20 million of class B-1 floating-rate notes at Libor plus 245 bps, $20 million of class B-1L loans at Libor plus 245 bps and $2.88 million of 3.91% class B-2 fixed-rate notes.
Denali Capital CLO also priced $20.35 million of class C floating-rate notes at Libor plus 345 bps; $19 million of class D floating-rate notes at Libor plus 465 bps; $17.5 million of class E floating-rate notes at Libor plus 775 bps and $36.86 million of subordinated notes.
BNP Paribas Securities Corp. arranged the deal.
Crestline Denali will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by first-lien senior secured loans.
Proceeds will be used to purchase a portfolio of about $350 million of mostly senior secured leveraged loans.
The deal is Crestline Denali’s first CLO transaction since Feb. 25, 2015 when it priced the $413.68 million Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC offering.
The asset management firm is based in Oak Brook, Ill.
| Issuer: | Denali Capital CLO XII, Ltd./Denali Capital CLO XII LLC
|
| Amount: | $358.84 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | Two years
|
| Pricing date: | Feb. 25
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $192.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3%
|
| Ratings: | Moody’s: Aaa (expected)
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B-1L loans
|
| Amount: | $20 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B-2 notes
|
| Amount: | $2.88 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.91%
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class C notes
|
| Amount: | $20.35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: A2 (expected)
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 465 bps
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | Moody’s: Ba3 (expected)
|
|
|
| Equity
|
| Amount: | $36.86 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
