Chicago, June 17 – Deerpath Capital Management refinanced and extended for $309.8 million the collateralized loan obligation issued by Deerpath Capital CLO 2018-1 Ltd./Deerpath Capital CLO 2018-1 LLC, according to a presale report.
The notes will mature on July 15, 2033.
The CLO consists of $75 million of class A-R-L senior secured floating-rate notes at SOFR plus 215 basis points, $87.5 million of class A-1-R senior secured floating-rate notes at SOFR plus 215 bps, $10 million of class A-2-R 4.95% senior secured fixed-rate notes, $26 million of class B-1-R senior secured floating-rate notes at SOFR plus 290 bps, $7.9 million of class B-2-R 5.59% senior secured fixed-rate notes, $13.6 million of class C-1-R senior secured deferrable floating-rate notes at SOFR plus 420 bps, $14.1 million of class C-2-R senior secured deferrable floating-rate notes at SOFR plus 689 bps, $13.5 million of class D-1-R senior secured deferrable floating-rate notes at SOFR plus 514 bps, $5 million of class D-2-R 8.19% senior secured deferrable fixed-rate notes and $57.2 million of subordinated notes.
The original transaction, which matured on Jan. 15, 2031, had $136 million of class A-1 floating-rate notes at Libor plus 170 bps; $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.
Deerpath Capital Management will manage the collateral through the end of the reinvestment period on July 15, 2025.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting July 6, 2024.
GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc. are the placement agents.
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
|
| Issue: | Floating-rate notes, fixed-rate notes and preferred shares
|
| Amount: | $309.8 million
|
| Maturity: | July 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agents: | GreensLedge Capital Markets LLC and KeyBanc Capital Markets Inc.
|
| Manager: | Deerpath Capital Management
|
| Call feature: | July 6, 2024
|
| Settlement date: | July 6
|
|
|
| Class A-R-L notes
|
| Amount: | $75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $87.5 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.95%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $7.9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.59%
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $13.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $14.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 689 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 514 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 8.19%
|
| Rating: | S&P: BBB
|
|
|
| Subordinated notes
|
| Amount: | $57.2 million
|
| Securities: | Subordinated notes
|
|
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