By Cristal Cody
Tupelo, Miss., Oct. 1 – Crestline Denali Capital, LP priced $310.24 million of notes in a second refinancing of a 2015 vintage collateralized loan obligation offering, according to a market source and a notice of proposed second supplemental indenture on Friday.
Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC sold $1 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $212.2 million of class A-1-RR senior secured floating-rate notes at Libor plus 113 bps and $39.5 million of class A-2-RR senior secured floating-rate notes at Libor plus 165 bps.
The CLO also sold $14.8 million of class B-RR senior secured deferrable floating-rate notes at Libor plus 215 bps, $19.74 million of class C-R senior secured deferrable floating-rate notes at Libor plus 315 bps, $16.4 million of class D-R secured deferrable floating-rate notes at Libor plus 561 bps and $6.6 million of class E-R secured deferrable floating-rate notes at Libor plus 825 bps.
Natixis Securities Americas, LLC was the refinancing placement agent.
Crestline Denali will continue to manage the CLO.
The maturity has been extended from April 20, 2027 to October 2028.
The reset CLO has a one-year non-call period and a two-year reinvestment period.
The original $413.68 million offering was issued March 5, 2015 and first refinanced July 20, 2017.
In the original issuance, Denali Capital CLO XI sold $253.5 million of class A-1 senior secured floating-rate notes at Libor plus 157 bps; $41.2 million of class A-2 senior secured floating-rate notes at Libor plus 245 bps; $27.41 million of class B senior secured deferrable floating-rate notes at Libor plus 320 bps; $24.6 million of class C senior secured deferrable floating-rate notes at Libor plus 417 bps; $21.96 million of class D senior secured deferrable floating-rate notes at Libor plus 545 bps; $7.91 million of class E senior secured deferrable floating-rate notes at Libor plus 595 bps and $37.1 million of subordinated notes.
Proceeds from the deal will be used to redeem the outstanding notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Crestline Denali has priced two new CLOs and refinanced two vintage CLOs year to date.
In 2017, the CLO manager priced one new CLO and refinanced one vintage issue.
The asset management firm is based in Oak Brook, Ill.
| Issuer: | Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC
|
| Amount: | $310.24 million refinancing
|
| Maturity: | October 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities Americas, LLC
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | One year
|
| Pricing date: | Sept. 14
|
| Settlement date: | Oct. 22
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-1-RR notes
|
| Amount: | $212.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2-RR notes
|
| Amount: | $39.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-RR notes
|
| Amount: | $14.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-R notes
|
| Amount: | $19.74 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D-R notes
|
| Amount: | $16.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 561 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E-R notes
|
| Amount: | $6.6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $40.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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