Chicago, March 4 – Meridian Credit Management LLC, d/b/a Gulf Stream Asset Management sold $504.7 million in a collateralized loan obligation being issued by Gulf Stream Meridian 7 Ltd./Gulf Stream Meridian 7 LLC, according to a pre-sale report.
The notes will mature on July 15, 2035.
The CLO consists of $305 million of class A-1 senior secured floating-rate notes at SOFR plus 136 basis points, $65 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $40 million of class B senior secured deferrable floating-rate notes at SOFR plus 220 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 320 bps, $17.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 685 bps and $47.2 million of subordinated notes.
Meridian Credit Management LLC, d/b/a Gulf Stream Asset Management will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of by broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 24, 2024.
Morgan Stanley and Co. LLC and Apollo Global Securities LLC were the placement agents.
| Issuer: | Gulf Stream Meridian 7 Ltd./Gulf Stream Meridian 7 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $504.7 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley and Co. LLC and Apollo Global Securities LLC
|
| Manager: | Meridian Credit Management LLC
|
| Call feature: | March 24, 2024
|
| Settlement date: | March 24
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 136 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
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| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
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| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 685 bps
|
| Rating: | S&P: BB-
|
|
|
|
|
| Subordinated notes
|
| Amount: | $47.2 million
|
| Securities: | Subordinated notes
|
|
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