Chicago, May 26 – Deerpath Capital Management, LP detailed its third collateralized loan obligation for $362.9 million in the new CLO that lists Deerpath Capital CLO 2021-1 Ltd./Deerpath Capital CLO 2021-1 LLC as co-issuers, according to a pre-sale report.
The transaction matures April 17, 2033.
The portfolio includes $148 million of class A-1 senior secured floating-rate notes at Libor plus 165 basis points, $50 million of class A-1 senior secured floating-rate loans at Libor plus 165 bps, $18 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps, $15.2 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps, $10 million of class B-2 3.02% senior secured fixed-rate notes, $28.8 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps, $18 million of class D senior secured deferrable floating-rate notes at Libor plus 435 bps and $74.9 million of subordinated notes.
Collateral for the notes comes primarily from senior secured loans to middle-market private equity-backed companies.
The fund has a three-year reinvestment period that ends April 17, 2024.
GreensLedge Capital Markets LLC is the lead placement agent, structuring agent and bookrunner.
Raymond James is the co-placement agent.
Deerpath Capital is managing the portfolio.
The notes can be called after Oct. 22, 2022
Deerpath, founded in 2007, is a New York-based firm that provides customized-cash-flow based senior debt financing to lower-middle market companies across diverse industries.
| Issuers: | Deerpath Capital CLO 2021-1 Ltd./Deerpath Capital CLO 2021-1 LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $362.9 million
|
| Maturity: | April 17, 2033
|
| Structure: | Cash flow CLO
|
| Placement agents: | GreensLedge Capital Markets LLC and Raymond James
|
| Manager: | Deerpath Capital Management, LP
|
| Call feature: | Oct. 22, 2022
|
| Settlement date: | April 22
|
|
|
| Class A-1 notes
|
| Amount: | $148 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 loans
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| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $15.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.017%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $28.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $74.9 million
|
| Securities: | Subordinated notes
|
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