By Cristal Cody
Tupelo, Miss., May 15 – Gulf Stream Asset Management LLC priced $281.95 million of notes due Oct. 15, 2029 in the manager’s second collateralized loan obligation offering of the year, according to market sources.
Gulf Stream Meridian 2 Ltd. sold $160 million of class A-1a floating-rate notes at Libor plus 220 basis points, $20 million of 2.42% class A-1b fixed-rate notes, $21 million of class A-2a floating-rate notes at Libor plus 275 bps and $24.75 million of class A-2b deferrable floating-rate notes at Libor plus 350 bps.
The CLO also sold $15.45 million of class B deferrable floating-rate notes at Libor plus 390 bps, $14.55 million of class C deferrable floating-rate notes at Libor plus 485 bps and $26.2 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a one-year non-call period and a 1.4-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Gulf Stream Asset Management is an investment management firm based in New York.
| Issuer: | Gulf Stream Meridian 2 Ltd.
|
| Amount: | $281.95 million
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Gulf Stream Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | May 12
|
| Settlement date: | May 21
|
|
|
| Class A-1a notes
|
| Amount: | $160 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.42%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: AA+
|
|
|
| Class A-2b notes
|
| Amount: | $24.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: AA-
|
|
|
| Class B notes
|
| Amount: | $15.45 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: A-
|
|
|
| Class C notes
|
| Amount: | $14.55 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $26.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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