By Cristal Cody
Tupelo, Miss., Sept. 13 – Carlson CLO Advisors LLC priced $407.68 million of notes due Oct. 20, 2030 in the Cathedral Lake V Ltd./Cathedral Lake V LLC transaction, according to a market source.
The CLO sold $181 million of class A-1 senior secured floating-rate notes at Libor plus 120 basis points; $40 million of class A-S senior secured floating-rate notes at Libor plus 110 bps, which will step up to Libor plus 165 bps after the October 2020 payment date, and $25 million of 4.081% class A-F fixed-rate notes.
Cathedral Lake also priced $58 million of class B senior secured floating-rate notes at Libor plus 195 bps; $24 million of class C secured deferrable floating-rate notes at Libor plus 245 bps; $22 million of class D secured deferrable floating-rate notes at Libor plus 325 bps; $18 million of class E secured deferrable floating-rate notes at Libor plus 610 bps and $39.65 million of subordinated notes.
Jeffries LLC was the placement agent.
Carlson CLO Advisors will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The issue is collateralized predominantly by broadly syndicated senior secured loans.
Carlson has priced one new CLO year to date.
The company’s last new issue, the $404.15 million Cathedral Lake IV Ltd./Cathedral Lake IV LLC transaction, priced Sept. 26, 2016.
The Dallas-based alternative asset management firm is a subsidiary of Carlson Capital, LP.
| Issuer: | Cathedral Lake V Ltd./Cathedral Lake V LLC
|
| Amount: | $407.68 million
|
| Maturity: | Oct. 20, 2030
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jeffries LLC
|
| Manager: | Carlson CLO Advisors LLC
|
| Call feature: | Two years
|
| Notice date: | Sept. 6
|
| Settlement date: | Oct. 11
|
|
|
| Class A-1 notes
|
| Amount: | $181 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-S notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-F notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.081%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
