Chicago, June 1 – Gulf Stream Asset Management LLC sold a new broadly syndicated CLO for $499.4 million from Gulf Stream Meridian 4 Ltd./Gulf Stream Meridian 4 LLC as co-issuers, according to a pre-sale report.
The CLO, due July 15, 2034, has $307.5 million of class A-1 senior secured floating-rate notes at Libor plus 120 basis points, $62.5 million of class A-2 senior secured floating-rate notes at Libor plus 185 bps, $40 million of class B senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 315 bps, $18.65 million of class D senior secured deferrable floating-rate notes at Libor plus 635 bps and $40.75 million of subordinated notes.
Barclays and Apollo Global Securities LLC were the placement agents.
Meridian Credit Management LLC (d/b/a Gulf Stream Asset Management) will be the collateral manager for the five-year reinvestment period that ends July 15, 2026.
The non-call period ends May 27, 2023.
Gulf Stream Asset Management is an investment management firm based in New York.
| Issuers: | Gulf Stream Meridian 4 Ltd./Gulf Stream Meridian 4 LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $499.4 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agents: | Barclays and Apollo Global Securities LLC
|
| Manager: | Meridian Credit Management LLC (Gulf Stream Asset Management)
|
| Call feature: | May 27, 2023
|
| Settlement date: | May 27
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $62.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $18.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.75 million
|
| Securities: | Subordinated notes
|
© 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.
