Chicago, April 27 – Deerpath Capital Management LP sold $373.5 million in a collateralized loan obligation being issued by Deerpath Capital CLO 2022-1 Ltd./Deerpath Capital CLO 2022-1 LLC, according to a presale report.
The notes will mature on July 15, 2033.
The CLO consists of $167 million of class A-1 floating-rate notes at SOFR plus 195 basis points, $40 million of class A-2 4.41% fixed-rate notes, $40.7 million of class B floating-rate notes at SOFR plus 230 bps, $33.5 million of class C floating-rate notes at SOFR plus 330 bps, $14.8 million of class D floating-rate notes at SOFR plus 480 bps and $77.5 million of subordinated notes.
Deerpath Capital Management LP will manage the collateral through the end of the reinvestment period on July 15, 2025.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting May 9, 2023.
GreensLedge Capital Markets LLC and Raymond James & Associates Inc. are the placement agents.
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.
| Issuer: | Deerpath Capital CLO 2022-1 Ltd./Deerpath Capital CLO 2022-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $373.5 million
|
| Maturity: | July 15, 2033
|
| Structure: | Cash flow CLO
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| Placement agenst: | GreensLedge Capital Markets LLC and Raymond James & Associates Inc.
|
| Manager: | Deerpath Capital Management LP
|
| Call feature: | May 9, 2023
|
| Settlement date: | May 9
|
|
|
| Class A-1 notes
|
| Amount: | $167 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $40 million
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| Securities: | Fixed-rate notes
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| Coupon: | 4.41%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $40.7 million
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| Securities: | Floating-rate notes
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| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $33.5 million
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| Securities: | Floating-rate notes
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| Coupon: | SOFR plus 330 bps
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| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $14.8 million
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| Securities: | Floating-rate notes
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| Coupon: | SOFR plus 480 bps
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| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
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| Amount: | $77.5 million
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| Securities: | Subordinated notes
|
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