By Cristal Cody
Tupelo, Miss., Nov. 15 – Crescent Capital Group LP closed Friday on $149.75 million of notes due Nov. 15, 2031 in a delayed-draw middle-market collateralized loan obligation, according to a market source.
Falcon 2019-1 LLC priced $78 million of class A-1 floating-rate notes at Libor plus 165 basis points, $15 million of class A-2 floating-rate notes at Libor plus 335 bps, $10 million of class B floating-rate notes at Libor plus 375 bps, $8 million of class C floating-rate notes at Libor plus 525 bps, $9 million of class D floating-rate notes at Libor plus 800 bps and $29.75 million of subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is collateralized primarily by middle-market senior secured leveraged loans.
Crescent Capital is an alternative asset management firm based in Los Angeles.
| Issuer: | Falcon 2919-1 LLC
|
| Amount: | $149.75 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Nov. 15, 2031
|
| Structure: | Middle-market CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Crescent Capital Group LP
|
| Call feature: | Nov. 15, 2021
|
| Settlement date: | Nov. 15
|
|
|
| Class A-1 notes
|
| Amount: | $78 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Kroll: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Kroll: AA
|
|
|
| Class B notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Kroll: A
|
|
|
| Class C notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Kroll: BBB
|
|
|
| Class D notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | Kroll: BB
|
|
|
| Equity
|
| Amount: | $29.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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