Chicago, July 30 – Meridian Credit Management LLC (d/b/a Gulf Stream Asset Management) sold $451 million in a collateralized loan obligation being issued by Gulf Stream Meridian 5 Ltd./Gulf Stream Meridian 5 LLC, according to a pre-sale report.
The notes will mature on July 15, 2034.
The CLO consists of $276.75 million of class A-1 senior secured floating-rate notes at Libor plus 120 basis points, $54 million of class A-2 senior secured floating-rate notes at Libor plus 180 bps, $38.25 million of class B senior secured deferrable floating-rate notes at Libor plus 205 bps, $27 million of class C senior secured deferrable floating-rate notes at Libor plus 310 bps, $16.5 million of class D senior secured deferrable floating-rate notes at Libor plus 633 bps, and$38.5 million of subordinated notes..
Meridian Credit Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
Natixis Securities Americas LLC was the placement agent.
This is Gulf Stream Asset Management’s third CLO in 2021.
Gulf Stream Asset Management is an investment management firm based in New York.
| Issuer: | Gulf Stream Meridian 5 Ltd./Gulf Stream Meridian 5 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $451 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Meridian Credit Management LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | June 29
|
|
|
| Class A-1 notes
|
| Amount: | $276.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $38.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 633 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.5 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.
