Chicago, March 10 – Diameter CLO Advisors LLC sold $401.25 million in a collateralized loan obligation being issued by Diameter Capital CLO 3 Ltd./Diameter Capital CLO 3 LLC, according to a press release.
The notes will mature on April 15, 2037.
The CLO consists of $240 million of class A-1A floating-rate notes at SOFR plus 139 basis points, $12 million of class A-1B floating-rate notes at SOFR plus 165 bps, $50 million of class A-2 floating-rate notes at SOFR plus 205 bps, $26 million of class B deferrable floating-rate notes at SOFR plus 225 bps, $24 million of class C deferrable floating-rate notes at SOFR plus 330 bps, $16 million of class D deferrable floating-rate notes at SOFR plus 680 bps and $33.25 million of subordinated notes.
Diameter CLO Advisors LLC will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Barclays and Apollo Global Securities LLC were the placement agents.
Diameter Capital Partners is an investment firm based in New York.
| Issuer: | Diameter Capital CLO 3 Ltd./Diameter Capital CLO 3 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $401.25 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agents: | Barclays and Apollo Global Securities LLC
|
| Manager: | Diameter CLO Advisors LLC
|
| Call feature: | April 15, 2024
|
| Settlement date: | March 17
|
|
|
| Class A-1A notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 139 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 680 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $33.25 million
|
| Securities: | Subordinated notes
|
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