By Cristal Cody
Eureka Springs, Ark., Sept. 13 – Crestline Denali Capital, LP raised $360.98 million in a collateralized loan obligation offering of notes due Oct. 23, 2028, according to a market source.
Crestline Denali CLO XIV, Ltd./Crestline Denali CLO XIV LLC sold $222.25 million of class A senior secured floating-rate notes at Libor plus 157 basis points; $42.88 million of class B senior secured floating-rate notes at Libor plus 195 bps; $20.35 million of class C senior secured deferrable floating-rate notes at Libor plus 265 bps; $19 million of class D senior secured deferrable floating-rate notes at Libor plus 390 bps; $17.5 million of class E secured deferrable floating-rate notes at Libor plus 695 bps and $39 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
Crestline Denali will manage the CLO.
The CLO is backed entirely by first-lien senior secured loans and will have a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of about $350 million of primarily first-lien senior secured leveraged loans.
Crestline Denali has priced two CLO deals year to date.
The asset management firm is based in Oak Brook, Ill.
| Issuers: | Crestline Denali CLO XIV, Ltd./Crestline Denali CLO XIV LLC
|
| Amount: | $360.98 million
|
| Maturity: | Oct. 23, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | Two years
|
| Pricing date: | Sept. 2
|
| Settlement date: | Oct. 13
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $222.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 157 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $42.88 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
