Chicago, Jan. 19 – Deerpath Capital Management LP sold $429.5 million in a collateralized loan obligation being issued by Deerpath Capital CLO 2021-2 Ltd./Deerpath Capital CLO 2021-2 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2034.
The CLO consists of $218 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points, $20 million of class A-2 2.95% senior secured fixed-rate notes, $28.25 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps, $18.5 million of class B-2 3.37% senior secured fixed-rate notes, $38.25 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps, $17 million of class D senior secured deferrable floating-rate notes at Libor plus 410 bps and $89.5 million of subordinated notes.
Deerpath Capital Management LP will manage the collateral through the end of the reinvestment period on Jan. 15, 2026.
Collateral will consist of middle-market speculative-grade senior secured term loans.
The notes can be called starting Dec. 20, 2023.
GreensLedge Capital Markets LLC (lead) and Raymond James & Associates Inc. were the placement agents.
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.
| Issuer: | Deerpath Capital CLO 2021-2 Ltd./Deerpath Capital CLO 2021-2 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $429.5 million
|
| Maturity: | Jan. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agents: | GreensLedge Capital Markets LLC (lead) and Raymond James & Associates Inc.
|
| Manager: | Deerpath Capital Management LP
|
| Call feature: | Dec. 20, 2023
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | $218 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.95%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $28.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $18.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.37%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $38.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $89.5 million
|
| Securities: | Subordinated notes
|
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