Chicago, May 5 – Centerbridge Credit Funding Advisors, LLC sold $356 million of new fixed-rate and subordinated notes in a collateralized debt obligation that lists Centerbridge Credit Funding 1, Ltd./Centerbridge Credit Funding 1 LLC as issuer, according to a notice.
The portfolio comes with a July 25, 2039 maturity date.
The CDO includes $175 million of class A 3.16% senior secured fixed-rate notes, $42 million of class B 3.56% senior secured fixed-rate notes, $22.75 million of class C 4.06% mezzanine senior secured fixed-rate notes, $15.75 million of class D 5.76% mezzanine senior secured fixed-rate notes and $24.5 million of class E 7.36% junior secured deferrable fixed-rate notes.
There are also $76 million of subordinated notes.
GreensLedge Capital Markets LLC is the underwriter.
The notes can be called after May 2023.
Centerbridge Credit will manage the collateral through the five-year reinvestment period.
Centerbridge is a New York-based investment management firm.
| Issuers: | Centerbridge Credit Funding 1, Ltd./Centerbridge Credit Funding 1 LLC
|
| Issue: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CDO
|
| Amount: | $356 million
|
| Maturity: | July 25, 2039
|
| Agent: | GreensLedge Capital Markets LLC
|
| Manager: | Centerbridge Credit Funding Advisors, LLC
|
| Call: | May 2023
|
| Pricing date: | April 26
|
| Settlement date: | May 13
|
|
|
| Class A notes
|
| Amount: | $175 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.16%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.56%
|
| Rating: | Moody's: Aa3
|
|
|
| Class C notes
|
| Amount: | $22.75 million
|
| Securities: | Mezzanine senior secured fixed-rate notes
|
| Coupon: | 4.06%
|
| Rating: | Moody's: A3
|
|
|
| Class D notes
|
| Amount: | $15.75 million
|
| Securities: | Mezzanine senior secured fixed-rate notes
|
| Coupon: | 5.76%
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $24.5 million
|
| Securities: | Junior secured deferrable fixed-rate notes
|
| Coupon: | 7.36%
|
| Rating: | Moody's: Ba3
|
|
|
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