By Cristal Cody
Tupelo, Miss., Feb. 11 – Meridian Credit Management LLC, doing business as Gulf Stream Asset Management LLC, priced $554.43 million of notes due April 15, 2033 in a new collateralized loan obligation offering, according to market sources.
Gulf Stream Meridian 1 Ltd. sold $352 million of class A-1 floating-rate notes at Libor plus 137 basis points; $16.5 million of class A-2 floating-rate notes at Libor plus 165 bps; $49.5 million of class B floating-rate notes at Libor plus 200 bps; $33 million of class C floating-rate notes at Libor plus 250 bps, $30.25 million of class D floating-rate notes at Libor plus 350 bps; $22 million of class E floating-rate notes at Libor plus 645 bps and $51.18 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
Meridian Credit Management will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Gulf Stream Asset Management is an investment management firm based in New York.
Issuer: | Gulf Stream Meridian 1 Ltd.
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Amount: | $554.43 million
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Maturity: | April 15, 2033
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Meridian Credit Management LLC, dba Gulf Stream Asset Management
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Call feature: | Two years
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Pricing date: | Jan. 27
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Settlement date: | Feb. 27
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Distribution: | Rule 144A
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Class A-1 notes
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Amount: | $352 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 137 bps
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Rating: | Fitch: AAA
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Class A-2 notes
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Amount: | $16.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 165 bps
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Rating: | Fitch: AAA
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Class B notes
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Amount: | $49.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 200 bps
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Ratings: | Non-rated
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Class C notes
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Amount: | $33 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 250 bps
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Ratings: | Non-rated
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Class D notes
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Amount: | $30.25 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 350 bps
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Ratings: | Non-rated
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Class E notes
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Amount: | $22 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 645 bps
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Ratings: | Non-rated
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Equity
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Amount: | $51.18 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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