By Cristal Cody
Eureka Springs, Ark., May 31 – Steele Creek Investment Management LLC sold $306.5 million of notes in the firm’s first collateralized loan obligation deal of 2016, according to a market source.
Steele Creek 2016-1 CLO Ltd. priced $1.75 million of class X floating-rate notes at Libor plus 100 basis points; $190.5 million of class A floating-rate notes at Libor plus 170 bps; $34.5 million of class B floating-rate notes at Libor plus 250 bps; $19.5 million of class C floating-rate notes at Libor plus 350 bps; $16.25 million of class D floating-rate notes at Libor plus 600 bps; $14 million of class E floating-rate notes at Libor plus 675 bps; $6 million of class F floating-rate notes at Libor plus 650 bps and $24 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Steele Creek Investment will manage the CLO.
The CLO manager was last in the primary market in 2015 with the $306.98 million Steele Creek CLO 2015-1 Ltd./Steele Creek CLO 2015-1, LLC deal.
The Charlotte, N.C.-based asset management firm is a subsidiary of global advisory firm Moelis & Co. LLC.
| Issuer: | Steele Creek 2016-1 CLO Ltd.
|
| Amount: | $306.5 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Steele Creek Investment Management LLC
|
| Pricing date: | May 26
|
|
|
| Class X notes
|
| Amount: | $1.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class A notes
|
| Amount: | $190.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $19.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $16.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
|
| Amount: | $6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $24 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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