By Cristal Cody
Tupelo, Miss., Feb. 10 – CreekSource LLC brought a $307 million collateralized loan obligation transaction, according to a market source.
Clear Creek CLO 2015-1 Ltd. sold $204 million of class A floating-rate notes at Libor plus 145 basis points; $28.5 million of class B floating-rate notes at Libor plus 215 bps; $14.1 million of class C floating-rate notes at Libor plus 320 bps; $16.2 million of class D floating-rate notes at Libor plus 390 bps; $13.5 million of class E floating-rate notes at Libor plus 575 bps and $30.7 million of subordinated notes.
Goldman Sachs & Co. arranged the transaction.
CreekSource, a new entity, will manage the CLO.
40|86 Advisors Inc. is the sub-advisor.
40|86 Advisors has priced two CLO deals over the past two years.
The Carmel, Ind.-based firm is a subsidiary of CNO Financial Group, Inc.
| Issuer: | Clear Creek CLO 2015-1 Ltd.
|
| Amount: | $307 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | CreekSource LLC
|
| Sub-advisor: | 40|86 Advisors Inc.
|
| Pricing date: | Feb. 3
|
|
|
| Class A notes
|
| Amount: | $204 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $14.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $16.2 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 390 bps
|
| Ratings: | Moody’s: Baa2 expected
|
|
|
| Class E notes
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| Amount: | $13.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 575 bps
|
| Ratings: | Moody’s: Ba3 expected
|
|
|
| Equity tranche
|
| Amount: | $30.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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