By Cristal Cody
Tupelo, Miss., Oct. 19 – CreekSource LLC sold $309.2 million of notes due Oct. 20, 2030 in a refinancing and reset of a vintage 2015 collateralized loan obligation deal, according to a market source and a notice of revised proposed amended and restated indenture on Wednesday.
Clear Creek CLO, Ltd./Clear Creek CLO LLC priced $2.5 billion of class X senior secured floating-rate notes at Libor plus 100 basis points; $195 million of class A-R senior secured floating-rate notes at Libor plus 120 bps; $33 million of class B-R senior secured floating-rate notes at Libor plus 160 bps; $18 million of class C-R secured deferrable floating-rate notes at Libor plus 195 bps; $16.5 million of class D-R secured deferrable floating-rate notes at Libor plus 295 bps; $13.5 million of class E-R secured deferrable floating-rate notes at Libor plus 630 bps and $30.7 million of subordinated notes.
Barclays was the refinancing placement agent.
CreekSource will remain as the CLO manager.
The maturity on the notes was extended to Oct. 20, 2030 from the original April 20, 2027 maturity.
The refinanced CLO has a two-year non-call period and a five-year reinvestment period.
The original $307 million Clear Creek CLO, Ltd./Clear Creek CLO LLC vehicle issued on March 10, 2015 $204 million of class A floating-rate notes at Libor plus 145 bps; $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.
Proceeds will be used to redeem the original notes.
The transaction is collateralized entirely by senior secured first-lien loans.
Carmel, Ind.-based CreekSource is a domestic entity that serves as a limited liability company for 40/86 Advisors, Inc.
| Issuer: | Clear Creek CLO, Ltd./Clear Creek CLO LLC
|
| Amount: | $309.2 million refinancing
|
| Maturity: | Oct. 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays.
|
| Manager: | CreekSource LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | $195 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $18 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $16.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
|
| Amount: | $13.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $30.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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