Deerpath Capital Management to price $305 million of notes in new middle-market CLO

By Cristal Cody

Tupelo, Miss., March 3 – Deerpath Capital Management, LP plans to price $305 million of notes due April 15, 2032 in a new middle-market collateralized loan obligation offering, according to an informed source.

The Deerpath Capital CLO 2020-1, Ltd./Deerpath Capital CLO 2020-1, LLC deal includes $156 million of class A-1 floating-rate notes (AAA); $18 million of class A-2 floating-rate notes (AAA); $25.5 million of class B floating-rate notes (AA); $31.5 million of class C deferrable floating-rate notes (A); $15 million of class D deferrable floating-rate notes (BBB-) and $59 million of subordinated notes.

GreensLedge Capital Markets, LLC and Raymond James & Associates Inc. are the placement agents.

Deerpath Capital Management will manage the CLO, which has a two-year non-call period and a three-year reinvestment period.

The CLO is backed primarily by middle-market senior secured corporate loans.

The offering is expected to close on April 7.

Deerpath Capital Management was last in the CLO primary market with a new deal in 2018.

The middle market lender is based in New York City.

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