By Cristal Cody
Tupelo, Miss., Jan. 9 - Carlson Capital, LP priced $363 million of notes due Jan. 15, 2026 in the Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp. transaction set to close on Friday, according to a market source.
The CLO priced $169.8 million of class A-1A senior secured floating-rate notes (/AAA/) at Libor plus 155 basis points; $50 million of 3.624% A-1B senior secured fixed-rate notes (/AAA/); $40.25 million of class A-2 senior secured floating-rate notes (/AA/) at Libor plus 200 bps; $28 million of class B deferrable floating-rate notes (/A/) at Libor plus 285 bps; $20 million of class C deferrable floating-rate notes (/BBB/) at Libor plus 365 bps; $16.45 million of class D deferrable floating-rate notes (/BB/) at Libor plus 475 bps and $38.5 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
The CLO has a non-call period that ends Jan. 15, 2016 and a reinvestment period that ends Jan. 15, 2018.
Carlson Capital will manage the CLO, which is backed primarily by broadly syndicated senior secured corporate loans.
Carlson Capital is a Dallas-based alternative asset management firm.
| Issuer: | Cathedral Lake CLO 2013 Ltd./Cathedral Lake CLO 2013 Corp.
|
| Amount: | $363 million
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | Carlson Capital, LP
|
| Call feature: | Jan. 15, 2016
|
| Settlement date: | Jan. 10
|
|
|
| Class A-1A notes
|
| Amount: | $169.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.624%
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $40.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Class B notes
|
| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Class D notes
|
| Amount: | $16.45 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Equity tranche
|
| Amount: | $38.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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