By Cristal Cody
Tupelo, Miss., July 21 – CreekSource LLC sold $364.6 million of notes due July 2030 in a refinancing and reset of a 2014 collateralized loan obligation offering, according to a market source and a notice of executed first supplemental indenture on Thursday.
Silver Creek CLO, Ltd./Silver Creek CLO LLC priced $3 million of class X senior secured floating-rate notes at Libor plus 85 basis points; $225.4 million of class A-R senior secured floating-rate notes at Libor plus 124 bps; $36.6 million of class B-R senior secured floating-rate notes at Libor plus 170 bps; $17.6 million of class C-R secured deferrable floating-rate notes at Libor plus 230 bps; $21.6 million of class D-R secured deferrable floating-rate notes at Libor plus 335 bps; $7.8 million of class E-1-R secured deferrable floating-rate notes at Libor plus 562 bps; $10 million of class E-2-R secured deferrable floating-rate notes at Libor plus 640 bps and $42.6 million of subordinated notes.
J.P. Morgan Securities LLC arranged the deal.
CreekSource will manage the CLO.
The maturity on the refinanced notes was extended to July 20, 2030 from the original July 20, 2026 maturity.
The refinanced CLO has a two-year non-call period and a four-year reinvestment period.
In the original $362.5 million transaction priced on June 25, 2014, the CLO sold $236.25 million of class A senior secured floating-rate notes at Libor plus 149 bps; $31.5 million of class B senior secured floating-rate notes at Libor plus 190 bps; $16.1 million of class C deferrable floating-rate notes at Libor plus 280 bps; $20.65 million of class D deferrable floating-rate notes at Libor plus 365 bps; $15.4 million of class E deferrable floating-rate notes at Libor plus 515 bps and $42.6 million of subordinated notes.
Proceeds from the offering were used to redeem the original notes.
The deal is backed primarily by broadly syndicated first lien senior secured loans.
CreekSource is an affiliate of Carmel, Ind.-based investment management firm 40|86 Advisors, Inc.
| Issuer: | Silver Creek CLO, Ltd./Silver Creek CLO LLC
|
| Amount: | $364.6 million refinancing
|
| Maturity: | July 20, 2030
|
| Securities: | Global notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities LLC
|
| Manager: | CreekSource LLC
|
| Call feature: | Two years
|
| Settlement date: | July 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $225.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 124 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $36.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $17.6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $21.6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E-1-R notes
|
| Amount: | $7.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 562 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Class E-2-R notes
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| Amount: | $10 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $42.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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