Chicago, Feb. 11 – Gulf Stream Asset Management LLC sold $399 million of notes due April 15, 2034 in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
The portfolio, with Gulf Stream Meridian 3 Ltd./Gulf Stream Meridian 3 LLC as issuers, includes $249.6 million of class A-1 floating-rate notes at Libor plus 132 basis points and $50.4 million of class A-2 floating-rate notes at Libor plus 175 bps.
The transaction also includes $27 million of class B deferrable floating-rate notes at Libor plus 230 bps, $25 million of class C deferrable floating-rate notes at Libor plus 350 bps and $12 million of class D deferrable floating-rate notes at Libor plus 675 bps.
There are additionally $35 million of subordinated notes.
Gulf Stream Asset Management will manage the portfolio through the end of the reinvestment period on April 15, 2026.
Barclays is the placement agent.
The notes become callable starting Feb. 11, 2023.
The notes will be collateralized primarily by senior secured loans, senior secured bonds or senior secured notes with the majority of borrowers based in either the United States or Canada.
Gulf Stream Asset Management is an investment management firm based in New York.
| Issuer: | Gulf Stream Meridian 3 Ltd./Gulf Stream Meridian 3 LLC
|
| Amount: | $399 million
|
| Maturity: | April 15, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Gulf Stream Asset Management LLC
|
| Call: | Feb. 11, 2023
|
| Pricing date: | Feb. 9
|
| Settlement date: | Feb. 11
|
|
|
| Class A-1 notes
|
| Amount: | $249.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
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| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
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| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
|
|
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