By Cristal Cody
Tupelo, Miss., April 23 – Steele Creek Investment Management LLC priced $405.6 million of loans and notes in a new broadly syndicated collateralized loan obligation transaction, according to a market source.
Steele Creek CLO 2019-1 Ltd./Steele Creek CLO 2019-1, LLC sold $260 million of class A-L loans (Aaa expected) at par to yield Libor plus 147 basis points; $44 million of class B floating-rate notes (Aa2 expected) at par to yield Libor plus 220 bps; $20.1 million of class C floating-rate notes (A2 expected) at par to yield Libor plus 305 bps; $23.8 million of class D floating-rate notes (Baa3 expected) at par to yield Libor plus 410 bps; $20 million of class E floating-rate notes (Ba3 expected) at 96 and a coupon of Libor plus 701 bps and $37.7 million of subordinated notes.
RBC Capital Markets, LLC was the placement agent.
Steele Creek Investment Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
Steele Creek Investment Management priced two new CLOs in 2018.
The Charlotte, N.C.-based asset management firm is a subsidiary of global advisory firm Moelis & Co. LLC.
| Issuer: | Steele Creek CLO 2019-1 Ltd./Steele Creek CLO 2019-1, LLC
|
| Amount: | $405.6 million
|
| Securities: | Loans and floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets, LLC
|
| Manager: | Steele Creek Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 22
|
|
|
| Class A-L notes
|
| Amount: | $260 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 147 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $20.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $23.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 701 bps
|
| Price: | 96
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $37.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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