By Cristal Cody
Tupelo, Miss., Oct. 22 – Black Diamond Capital Management, LLC priced $55 million of notes due April 24, 2029 in a partial refinancing of the Black Diamond CLO 2017-1, Ltd./Black Diamond CLO 2017-1, LLC collateralized loan obligation transaction, according to a revised proposed first supplemental indenture.
The CLO sold $15 million of 2.5% class A-1b-R senior secured fixed-rate notes (expected ratings Aaa), $24 million of 3.14% class A-2b-R senior secured fixed-rate notes (expected ratings Aa2) and $16 million of 3.85% class B-2-R senior secured senior secured deferrable fixed-rate notes (expected ratings A3).
The CLO notes were originally issued on May 23, 2017. In that offering, Black Diamond sold $15 million of 3.31% class A-1b fixed-rate notes, $24 million of 3.8% class A-2b fixed-rate notes and $16 million of 4.8% class B-2 fixed-rate notes.
Goldman Sachs & Co. LLC was the refinancing agent.
Black Diamond CLO 2017-1 Adviser, LLC is the CLO manager.
The refinanced notes have a one-year non-call period.
The CLO is backed mainly by broadly syndicated senior secured corporate loans.
Proceeds will be used to redeem the outstanding notes.
Black Diamond is an alternative asset management firm with locations in Greenwich, Conn., London and St. Thomas.
| Issuer: | Black Diamond CLO 2017-1, Ltd./Black Diamond CLO 2017-1, LLC
|
| Amount: | $55 million refinancing
|
| Maturity: | April 24, 2029
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| Securities: | Fixed-rate notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | Goldman Sachs & Co. LLC
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| Manager: | Black Diamond CLO 2017-1 Adviser, LLC
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| Call feature: | To but excluding payment date in October 2021
|
| Settlement date: | Oct. 26
|
| Distribution: | Rule 144A and Regulation S
|
|
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| Class A-1b-R notes
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| Amount: | $15 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.5%
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| Ratings: | Moody’s: Aaa expected
|
|
|
| Class A-2b-R notes
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| Amount: | $24 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.14%
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| Ratings: | Moody’s: Aa2 expected
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|
|
| Class B-2-R notes
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| Amount: | $16 million
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| Securities: | Senior secured deferrable fixed-rate notes
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| Coupon: | 3.85%
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| Ratings: | Moody’s: A3 expected
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