By Cristal Cody
Tupelo, Miss., Dec. 23 - Black Diamond Capital Management, LLC sold $412.9 million of notes due Feb. 6, 2026 in a collateralized loan obligation transaction, according to a market source.
In the deal, the Black Diamond CLO 2013-1, Ltd./Black Diamond CLO 2013-1, LLC fund priced $2.1 million of class X secured floating-rate notes (Aaa) at Libor plus 100 basis points; $246.9 million of class A-1 senior secured floating-rate notes (Aaa) at Libor plus 145 bps; $53.7 million of class A-2 senior secured floating-rate notes at Libor plus 195 bps; $29.3 million of class B senior secured deferrable floating-rate notes at Libor plus 285 bps; $21.7 million of class C senior secured deferrable floating-rate notes at Libor plus 360 bps; $17.1 million of class D secured deferrable floating-rate notes at Libor plus 510 bps and $42.1 million of subordinated notes.
Natixis Securities Americas LLC arranged the deal.
The non-call period on the CLO ends in February 2016, and the reinvestment period ends in February 2018.
The CLO is collateralized by broadly syndicated first-lien senior secured loans to corporate borrowers.
Black Diamond CLO 2013-1 Adviser, LLC, an affiliate of Black Diamond Capital Management, will manage the CLO.
Black Diamond Capital Management is an alternative asset management firm with offices in Greenwich, Conn., Lake Forest, Ill., and London.
| Issuer: | Black Diamond CLO 2013-1, Ltd./Black Diamond CLO 2013-1, LLC
|
| Amount: | $412.9 million
|
| Maturity: | Feb. 6, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Black Diamond CLO 2013-1 Adviser, LLC
|
| Call feature: | February 2016
|
| Settlement date: | Feb. 6
|
|
|
| Class X notes
|
| Amount: | $2.1 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | $246.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $53.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | Not rated
|
|
|
| Class B notes
|
| Amount: | $29.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Ratings: | Not rated
|
|
|
| Class C notes
|
| Amount: | $21.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Ratings: | Not rated
|
|
|
| Class D notes
|
| Amount: | $17.1 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 510 bps
|
| Ratings: | Not rated
|
|
|
| Equity tranche
|
| Amount: | $42.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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