New Issue: Crescent Capital prices $509.15 million Atlas Senior Loan Fund XIII

By Cristal Cody

Tupelo, Miss., March 12 – Crescent Capital Group LP sold $509.15 million of notes due April 22, 2031 in the Atlas Senior Loan Fund XIII, Ltd./Atlas Senior Loan Fund XIII, LLC transaction, according to market sources.

The CLO priced $1.5 million of class X senior secured floating-rate notes at Libor plus 100 basis points; $225 million of class A-1L senior secured floating-rate notes at Libor plus 145 bps; $10.83 million of class A-1N senior secured deferrable floating-rate notes at Libor plus 145 bps; $45.45 million of class A-2AN floating-rate notes at Libor plus 141 bps, $36.55 million of 3.95% class A-2AF fixed-rate notes and $7.13 million of 4.32% class A-2BF fixed-rate notes.

The CLO also sold $37.5 million of class B-N senior secured deferrable floating-rate notes at Libor plus 205 bps; $15 million of 4.48% class B-F senior secured deferrable fixed-rate notes; $32.5 million of class C floating-rate notes at Libor plus 290 bps, $25 million of class D senior secured deferrable floating-rate notes at Libor plus 411 bps, $25 million of class E floating-rate notes at Libor plus 695 bps and $47.7 million of subordinated notes.

Jefferies LLC was the placement agent.

The CLO has a two-year non-call period and a four-year reinvestment period.

The transaction is collateralized primarily by broadly syndicated senior secured corporate loans.

Crescent Capital is an alternative asset management firm based in Los Angeles.

Issuer:	Atlas Senior Loan Fund XIII, Ltd./Atlas Senior Loan Fund XIII, LLC
Amount:	$509.15 million
Maturity:	April 22, 2031
Securities:	Fixed-rate, floating-rate and subordinated notes
Structure:	Cash flow CLO
Placement agent:	Jefferies LLC
Manager:	Crescent Capital Group LP
Pricing date:	Feb. 22
Settlement date:	March 26
Distribution:	Rule 144A and Regulation S
Class X notes
Amount:	$1.5 million
Securities:	Senior secured floating-rate notes
Coupon:	Libor plus 100 bps
Ratings:	Moody’s: Aaa
	S&P: AAA
Class A-1L notes
Amount:	$225 million
Securities:	Senior secured floating-rate notes
Coupon:	Libor plus 145 bps
Ratings:	Moody’s: Aaa expected
	S&P: Non-rated
Class A-1N notes
Amount:	$10.83 million
Securities:	Senior secured floating-rate notes
Coupon:	Libor plus 145 bps
Ratings:	Moody’s: Aaa expected
	S&P: Non-rated
Class A-2AN notes
Amount:	$45.45 million
Securities:	Senior secured deferrable floating-rate notes
Coupon:	Libor plus 141 bps
Ratings:	Moody’s: Aaa expected
	S&P: AAA
Class A-2AF notes
Amount:	$36.55 million
Securities:	Senior secured deferrable fixed-rate notes
Coupon:	3.95%
Ratings:	Moody’s: Aaa expected
	S&P: AAA
Class A-2BF notes
Amount:	$7.13 million
Securities:	Senior secured deferrable fixed-rate notes
Coupon:	4.32%
Ratings:	Moody’s: Aaa expected
	S&P: Non-rated
Class B-N notes
Amount:	$37.5 million
Securities:	Senior secured deferrable floating-rate notes
Coupon:	Libor plus 205 bps
Rating:	S&P: AA
Class B-F notes
Amount:	$23.5 million
Securities:	Senior secured deferrable fixed-rate notes
Coupon:	4.48%
Rating:	S&P: AA
Class C notes
Amount:	$32.5 million
Securities:	Senior secured deferrable floating-rate notes
Coupon:	Libor plus 290 bps
Rating:	S&P: A
Class D notes
Amount:	$25 million
Securities:	Senior secured deferrable floating-rate notes
Coupon:	Libor plus 411 bps
Rating:	S&P: BBB-
Class E notes
Amount:	$25 million
Securities:	Senior secured deferrable floating-rate notes
Coupon:	Libor plus 695 bps
Rating:	S&P: BB-
Equity
Amount:	$47.7 million
Securities:	Subordinated notes
Ratings:	Non-rated

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