Chicago, Oct. 4 – Meridian Credit Management LLC, d/b/a Gulf Stream Asset Management sold $402.75 million in a collateralized loan obligation being issued by Gulf Stream Meridian 6 Ltd./Gulf Stream Meridian 6 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2037.
The CLO consists of $248 million of class A-1 senior secured floating-rate notes at Libor plus 119 basis points, $48 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps, $32 million of class B senior secured deferrable floating-rate notes at Libor plus 205 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 310 bps, $15 million of class D senior secured deferrable floating-rate notes at Libor plus 636 bps and $35.75 million of subordinated notes.
Collateral will come from senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
Meridian Credit Management LLC, d/b/a Gulf Stream Asset Management will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
The notes can be called starting Nov. 9, 2023.
Barclays and Apollo Global Securities were the placement agents.
The New York-based investment firm was founded in 2019 and is a subsidiary of the Abu Dhabi Investment Authority.
| Issuer: | Gulf Stream Meridian 6 Ltd./Gulf Stream Meridian 6 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $402.75 million
|
| Maturity: | Jan. 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agents: | Barclays and Apollo Global Securities
|
| Manager: | Meridian Credit Management LLC, d/b/a Gulf Stream Asset Management
|
| Call feature: | Nov. 9, 2023
|
| Settlement date: | Nov. 9
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 636 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $35.75 million
|
| Securities: | Subordinated notes
|
|
|
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