By Cristal Cody
Tupelo, Miss., Oct. 31 – Crestline Denali Capital, LP priced $361.23 million of notes in a refinancing and reset of a vintage 2013 collateralized loan obligation offering, according to a market source and a notice of executed first supplemental indenture on Monday.
Denali Capital CLO X, Ltd./Denali Capital CLO X LLC sold $3 million of class X amortizing senior secured floating-rate notes at Libor plus 80 basis points; $207.5 million of class A-1L-R senior secured floating-rate notes at Libor plus 105 bps; $50.3 million of class A-2L-R senior secured floating-rate notes at Libor plus 160 bps; $22.8 million of class A-3L-R senior secured deferrable floating-rate notes at Libor plus 210 bps; $20.85 million of class B-1L-R senior secured deferrable floating-rate notes at Libor plus 315 bps; $12 million of class B-2L-R senior secured deferrable floating-rate notes at Libor plus 475 bps, $4 million of class B-3L-R senior secured deferrable floating-rate notes at Libor plus 575 bps and $40.78 million of subordinated notes.
RBS Securities Inc. arranged the deal.
Crestline Denali will continue to manage the CLO.
The maturity on the refinanced notes was extended to Oct. 26, 2027 from the original April 28, 2025 maturity.
The CLO has a two-year non-call period and a 2˝-year reinvestment period.
The original $417.35 million CLO was issued on March 28, 2013. The deal included $255.5 million of class A-1L senior secured floating-rate notes priced at Libor plus 115 bps and $37.75 million of class A-2L senior secured floating-rate notes due Dec. 31, 2025 sold at Libor plus 175 bps.
Denali also sold $37 million of class A-3L deferrable floating-rate notes at Libor plus 290 bps; $19.5 million of class B-1L deferrable floating-rate notes at Libor plus 350 bps; $20 million of class B-2L deferrable floating-rate notes at Libor plus 475 bps; $9.5 million of class B-3L deferrable floating-rate notes at Libor plus 575 bps and $38.1 million of subordinated notes.
Proceeds were used to redeem the original notes on Monday.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Crestline Denali has priced one new CLO and refinanced one vintage CLO year to date.
The Oak Brook, Ill.-based asset management firm priced two CLO deals in 2016.
| Issuer: | Denali Capital CLO X, Ltd./Denali Capital CLO X LLC
|
| Amount: | $361.23 million refinancing
|
| Maturity: | Oct. 26, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | RBS Securities Inc.
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | Two years
|
| Settlement date: | Oct. 26
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Amortizing senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1L-R notes
|
| Amount: | $207.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2L-R notes
|
| Amount: | $50.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-3L-R notes
|
| Amount: | $22.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class B-1L-R notes
|
| Amount: | $20.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class B-2L-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BB-
|
|
|
| Class B-3L-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $40.78 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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