Chicago, Dec. 8 – Diameter CLO Advisors LLC sold $451.73 million in a collateralized loan obligation issued by Diameter Capital CLO 2 Ltd./Diameter Capital CLO 2 LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2036.
The CLO consists of $274.5 million of class A-1 senior secured floating-rate notes at Libor plus 122 basis points, $58.5 million of class A-2 senior secured floating-rate notes at Libor plus 175 bps, $36 million of class B senior secured floating-rate notes at Libor plus 210 bps, $27 million of class C senior secured deferrable floating-rate notes at Libor plus 325 bps, $16.875 million of class D senior secured deferrable floating-rate notes at Libor plus 606 bps and $38.85 million of subordinated notes.
Diameter CLO Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
J.P. Morgan Securities LLC and Apollo Global Securities LLC were the placement agents.
The deal is the manager’s second transaction of the year.
Diameter Capital Partners is an investment firm based in New York.
| Issuer: | Diameter Capital CLO 2 Ltd./Diameter Capital CLO 2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $451.725 million
|
| Maturity: | Oct. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agents: | J.P. Morgan Securities LLC and Apollo Global Securities LLC
|
| Manager: | Diameter CLO Advisors LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 27
|
|
|
| Class A-1 notes
|
| Amount: | $274.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $58.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16.875 million
|
| Securities: | Senior secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 606 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.85 million
|
| Securities: | Subordinated notes
|
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