Chicago, July 31 – Deerpath Capital Management LP reset for $403.3 million the collateralized loan obligation issued by Deerpath Capital CLO 2020-1 Ltd., according to press releases.
The notes will mature on April 2034.
The reset CLO consists of $224 million of class A-1-R senior secured floating-rate notes, $12.7 million of class A-2-R senior secured floating-rate notes, $17 million of class B-1-R senior secured floating-rate notes, $14.3 million of class B-2-R senior secured floating-rate notes, $32 million of class C-1-R senior secured deferrable floating-rate notes, $4 million of class C-2-R senior secured deferrable floating-rate notes, $24 million of class D-R senior secured deferrable floating-rate notes and $75.3 million of subordinated notes.
The CLO was originally sized at $330 million and priced in March 2020.
Deerpath Capital Management LP will manage the collateral through the end of the four-year reinvestment period.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting in 3.25 years.
GreensLedge Capital Markets LLC and NatWest Markets were the placement agents.
The middle-market lender is based in New York City.
| Issuer: | Deerpath Capital CLO 2020-1 Ltd.
|
| Issue: | Floating-rate notes, fixed-rate | and subordinated notes
|
| Amount: | $403.3 million
|
| Maturity: | April 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC and NatWest Markets
|
| Manager: | Deerpath Capital Management LP
|
| Call feature: | 3.25 years
|
| Pricing date: | July 31
|
| Settlement date: | July 31
|
|
|
| Class A-1-R notes
|
| Amount: | $224 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $12.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | 6.843%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $17 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 365 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $14.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | 7.368%
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 465 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | 8.339%
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 639 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $75.3 million
|
| Securities: | Subordinated notes
|
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