Chicago, March 3 – Deerpath Capital Management LP sold $503.5 million in a collateralized loan obligation being issued by Deerpath Capital CLO 2023-1 Ltd./Deerpath Capital CLO 2023-1 LLC, according to a presale report.
The notes will mature on April 15, 2035.
The CLO consists of $242.5 million of class A-1 senior secured floating-rate notes at SOFR plus 280 basis points, $37 million of class A-2 6.18% senior secured fixed-rate notes, $46.5 million of class B-1 senior secured floating-rate notes at SOFR plus 390 bps, $9 million of class B-2 7.1% senior secured fixed-rate notes, $45 million of class C senior secured deferrable floating-rate notes at SOFR plus 525 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 676 bps and $93.5 million of subordinated notes.
Deerpath Capital Management LP will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting March 8, 2025.
Greensledge Capital Markets LLC and Raymond James & Associates Inc. are the placement agents.
Deerpath Capital Management is a middle market lender based in New York City.
| Issuer: | Deerpath Capital CLO 2023-1 Ltd./Deerpath Capital CLO 2023-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $503.5 million
|
| Maturity: | April 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Greensledge Capital Markets LLC and Raymond James & Associates Inc.
|
| Manager: | Deerpath Capital Management LP
|
| Call feature: | March 8, 2025
|
| Settlement date: | March 8
|
|
|
| Class A-1 notes
|
| Amount: | $242.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $37 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.18%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $46.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.1%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 676 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $93.5 million
|
| Securities: | Subordinated notes
|
|
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