New York, July 26 – Pretium Credit CLO Management LLC priced $406.9 million of notes due July 20, 2034 in the new Crown Point CLO 10, Ltd./Crown Point CLO 10, LLC transaction, according to an announcement.
The CLO sold $150 million of class A floating-rate notes at Libor plus 117 basis points and $96 million of class A floating-rate loans, also at Libor plus 117 bps.
It also priced $58 million of class B floating-rate notes at Libor plus 170 bps, $24 million of class C deferrable floating-rate notes at Libor plus 210 bps, $20.8 million of class D deferrable floating-rate notes at Libor plus 350 bps, $18.2 million of class E deferrable floating-rate notes at Libor plus 685 bps and $41.77 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Pretium Credit CLO Management will manage the CLO. The deal is Pretium’s first CLO of this year.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is secured primarily by broadly syndicated first-lien senior secured loans.
Pretium Credit CLO Management is an investment advisory firm based in New York.
| Issuer: | Crown Point CLO 10, Ltd./Crown Point CLO 10, LLC
|
| Amount: | $406.9 million
|
| Maturity: | July 20, 2034
|
| Securities: | Floating-rate and subordinated notes, floating-rate loans
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Pretium Credit CLO Management LLC
|
| Call feature: | From June 29, 2023
|
| Settlement date: | June 29
|
|
|
| Class A notes
|
| Amount: | $150 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | $96 million
|
| Securities: | Floating-rate loans
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $20.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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