By Cristal Cody
Tupelo, Miss., Nov. 15 – Diameter Capital Partners LP priced $273.6 million of notes in the Diameter Credit Funding 2019-II, Ltd. collateralized bond obligation transaction, according to a market source.
The CBO sold $122.4 million of 3.94% class A fixed-rate notes, $36.9 million of 4.54% class B fixed-rate notes, $12.15 million of 5.54% class C fixed-rate notes and $12.15 million of class D fixed-rate notes.
The deal included $54 million of tranche 1 subordinated notes and $36 million of tranche 2 subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
Diameter Capital Partners will manage the CBO, which is backed mostly by corporate bonds.
The deal is the manager’s second transaction of the year.
Diameter Capital Partners is an investment firm based in New York.
| Issuer: | Diameter Credit Funding 2019-II, Ltd.
|
| Amount: | $273.6 million
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CBO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Diameter Capital Partners LP
|
| Pricing date: | Oct. 23
|
|
|
| Class A notes
|
| Amount: | $122.4 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.94%
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $36.9 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.54%
|
| Rating: | Moody’s: Aa3 expected
|
|
|
| Class C notes
|
| Amount: | $12.15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.54%
|
| Rating: | Moody’s: A3 expected
|
|
|
| Class D notes
|
| Amount: | $12.15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.89%
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Equity
|
| Amount: | $54 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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