By Cristal Cody
Tupelo, Miss., Aug. 7 – ORIX Advisors LLC leveraged credit affiliate Signal Peak Capital Management LLC priced a $396 million static broadly syndicated collateralized loan obligation transaction, according to a market source.
SP-Static CLO 1 Ltd./SP-Static CLO 1 LLC sold $252 million of class A floating-rate notes at Libor plus 140 basis points, $44 million of class B floating-rate notes at Libor plus 200 bps, $29.2 million of class C deferrable floating-rate notes at Libor plus 250 bps, $22.8 million of class D deferrable floating-rate notes at Libor plus 375 bps, $12 million of class E deferrable floating-rate notes at Libor plus 700 bps and $36 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The notes are due July 22, 2028. The CLO has a one-year non-call period.
The CLO is collateralized by broadly syndicated senior secured term loans.
Signal Peak Capital Management, formerly known as Mariner Leveraged Credit Team, is based in Dallas.
Issuer: | SP-Static CLO 1 Ltd./SP-Static CLO 1 LLC
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Amount: | $396 million
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Maturity: | July 22, 2028
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Securities: | Floating-rate and subordinated notes
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Structure: | Static CLO
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Placement agent: | J.P. Morgan Securities LLC
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Servicer: | Signal Peak Capital Management LLC
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Call feature: | One year
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Settlement date: | Aug. 6
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Class A notes
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Amount: | $252 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 140 bps
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Ratings: | S&P: AAA
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Class B notes
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Amount: | $44 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 200 bps
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Ratings: | S&P: AA
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Class C notes
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Amount: | $29.2 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 250 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $22.8 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 375 bps
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Ratings: | S&P: BBB-
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Class E notes
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Amount: | $12 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 700 bps
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Ratings: | S&P: BB-
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Equity
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Amount: | $36 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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