Chicago, May 26 – Deerpath Capital Management, LP detailed its third collateralized loan obligation for $362.9 million in the new CLO that lists Deerpath Capital CLO 2021-1 Ltd./Deerpath Capital CLO 2021-1 LLC as co-issuers, according to a pre-sale report.
The transaction matures April 17, 2033.
The portfolio includes $148 million of class A-1 senior secured floating-rate notes at Libor plus 165 basis points, $50 million of class A-1 senior secured floating-rate loans at Libor plus 165 bps, $18 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps, $15.2 million of class B-1 senior secured floating-rate notes at Libor plus 200 bps, $10 million of class B-2 3.02% senior secured fixed-rate notes, $28.8 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps, $18 million of class D senior secured deferrable floating-rate notes at Libor plus 435 bps and $74.9 million of subordinated notes.
Collateral for the notes comes primarily from senior secured loans to middle-market private equity-backed companies.
The fund has a three-year reinvestment period that ends April 17, 2024.
GreensLedge Capital Markets LLC is the lead placement agent, structuring agent and bookrunner.
Raymond James is the co-placement agent.
Deerpath Capital is managing the portfolio.
The notes can be called after Oct. 22, 2022
Deerpath, founded in 2007, is a New York-based firm that provides customized-cash-flow based senior debt financing to lower-middle market companies across diverse industries.
Issuers: | Deerpath Capital CLO 2021-1 Ltd./Deerpath Capital CLO 2021-1 LLC
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Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
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Amount: | $362.9 million
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Maturity: | April 17, 2033
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Structure: | Cash flow CLO
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Placement agents: | GreensLedge Capital Markets LLC and Raymond James
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Manager: | Deerpath Capital Management, LP
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Call feature: | Oct. 22, 2022
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Settlement date: | April 22
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Class A-1 notes
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Amount: | $148 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 165 bps
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Rating: | S&P: AAA
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Class A-1 loans
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Amount: | $50 million
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Securities: | Senior secured floating-rate loans
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Coupon: | Libor plus 165 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $18 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 180 bps
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Rating: | S&P: AAA
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Class B-1 notes
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Amount: | $15.2 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 200 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $10 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.017%
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Rating: | S&P: AA
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Class C notes
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Amount: | $28.8 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 290 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $18 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 435 bps
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Rating: | S&P: BBB-
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Subordinated notes
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Amount: | $74.9 million
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Securities: | Subordinated notes
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