Chicago, Feb. 24 – Centerbridge Credit Funding Advisors, LLC sold $325.8 million in a collateralized debt obligation issued by Centerbridge Credit Funding II, Ltd., according to a pre-sale report.
The notes will mature on Jan. 25, 2040.
The CLO consists of $142.2 million of class A-1 3.05% senior secured fixed-rate notes, $26.6 million of class A-2 1.7% senior secured fixed-rate notes, $35.1 million of class B 2% senior secured fixed-rate notes, $15 million of class C 3.03% mezzanine secured deferrable fixed-rate notes, $17.8 million of class D 2.45% mezzanine secured deferrable fixed-rate notes, $22.4 million of class E 3.61% junior secured deferrable fixed-rate notes, $700,000 of income notes and $66 million of subordinated notes.
Centerbridge Credit Funding Advisors, LLC will manage the collateral through the end of the five-year reinvestment period.
Backing the notes are primarily corporate bonds and loans.
GreensLedge Capital Markets LLC was the placement agent.
Centerbridge is a New York-based investment management firm.
| Issuer: | Centerbridge Credit Funding II, Ltd.
|
| Issue: | Fixed-rate notes
|
| Amount: | $325.8 million
|
| Maturity: | Jan. 25, 2040
|
| Structure: | Cash flow CDO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Centerbridge Credit Funding Advisors, LLC
|
| Settlement date: | Jan. 20
|
|
|
| Class A-1 notes
|
| Amount: | $142.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.05%
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $26.6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.7%
|
| Rating: | Moody's: Aa1
|
|
|
| Class B notes
|
| Amount: | $35.1 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa3
|
|
|
| Class C notes
|
| Amount: | $15 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 3.03%
|
| Rating: | Moody's: A3
|
|
|
| Class D notes
|
| Amount: | $17.8 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2.45%
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.4 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 3.61%
|
| Rating: | Moody's: Ba3
|
|
|
| Income notes
|
| Amount: | $700,000
|
| Securities: | Income notes
|
|
|
| Subordinated notes
|
| Amount: | $66 million
|
| Securities: | Subordinated notes
|
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