By Cristal Cody
Eureka Springs, Sept. 12 – Garrison Investment Group, LP priced $410.09 million of notes in a new collateralized loan obligation deal, according to a market source.
Garrison Funding 2016-1 Ltd./Garrison Funding 2016-1 LLC sold $4 million of class X floating-rate notes at Libor plus 205 basis points, $254 million of class A-1 floating-rate notes at Libor plus 169 bps and $48 million of class A-2 floating-rate notes at Libor plus 225 bps.
The CLO sold $24 million of class B floating-rate notes at Libor plus 307 bps; $22 million of class C-1 floating-rate notes at Libor plus 470 bps; $2 million of class C-2 floating-rate notes at Libor plus 430 bps; $18 million of class D floating-rate notes at Libor plus 665 bps and $38.09 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
Garrison Investment was last in the CLO primary market in 2015 with one transaction.
The middle market credit and asset investment firm is based in New York City.
| Issuer: | Garrison Funding 2016-1 Ltd./Garrison Funding 2016-1 LLC
|
| Amount: | $410.09 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Garrison Investment Group, LP
|
| Pricing date: | Sept. 8
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-1 notes
|
| Amount: | $254 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 169 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
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| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
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| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 307 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-1 notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class C-2 notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
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| Amount: | $18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 665 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $38.09 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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