By Cristal Cody
Tupelo, Miss., Dec. 10 – Deerpath Capital Management, LP priced a new $310.4 million middle-market collateralized loan obligation transaction, according to an informed source.
Deerpath Capital CLO 2018-1, Ltd./Deerpath Capital CLO 2018-1, LLC sold $136 million of class A-1 floating-rate notes at Libor plus 170 basis points; $30 million of 4.526% class A-2 fixed-rate notes; $35.7 million of class B floating-rate notes at Libor plus 250 bps; $30.5 million of class C floating-rate notes at Libor plus 350 bps; $18.9 million of class D floating-rate notes at Libor plus 429 bps and $59.3 million of preference shares.
GreensLedge Capital Markets, LLC was the placement agent.
Deerpath Capital Management will manage the CLO.
The notes are due Jan. 15, 2031.
The CLO has a three-year non-callable period and a four-year reinvestment period.
The deal is backed primarily by middle-market senior secured corporate loans, cash and eligible investments.
Deerpath Capital Management is a middle market lender based in New York City.
| Issuer: | Deerpath Capital CLO 2018-1, Ltd./Deerpath Capital CLO 2018-1, LLC
|
| Amount: | $310.4 million
|
| Maturity: | Jan. 15, 2031
|
| Securities: | Fixed-rate notes, floating-rate notes and preference shares
|
| Structure: | Middle-market CLO
|
| Placement agent: | GreensLedge Capital Markets, LLC
|
| Manager: | Deerpath Capital Management, LP
|
| Call feature: | Three years
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $136 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.526%
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $35.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $30.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $18.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 429 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $59.3 million
|
| Securities: | Preference shares
|
| Ratings: | Non-rated
|
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