By Cristal Cody
Eureka Springs, Ark., March 7 – Crestline Denali Capital, LP raised $358.84 million in a Rule 144A-eligible collateralized loan obligation offering, according to a market source.
Denali Capital CLO XII, Ltd./Denali Capital CLO XII LLC sold $192.25 million of class A-1 floating-rate notes at Libor plus 155 basis points and $30 million of 3% class A-2 fixed-rate notes.
The CLO sold $20 million of class B-1 floating-rate notes at Libor plus 245 bps, $20 million of class B-1L loans at Libor plus 245 bps and $2.88 million of 3.91% class B-2 fixed-rate notes.
Denali Capital CLO also priced $20.35 million of class C floating-rate notes at Libor plus 345 bps; $19 million of class D floating-rate notes at Libor plus 465 bps; $17.5 million of class E floating-rate notes at Libor plus 775 bps and $36.86 million of subordinated notes.
BNP Paribas Securities Corp. arranged the deal.
Crestline Denali will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by first-lien senior secured loans.
Proceeds will be used to purchase a portfolio of about $350 million of mostly senior secured leveraged loans.
The deal is Crestline Denali’s first CLO transaction since Feb. 25, 2015 when it priced the $413.68 million Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC offering.
The asset management firm is based in Oak Brook, Ill.
Issuer: | Denali Capital CLO XII, Ltd./Denali Capital CLO XII LLC
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Amount: | $358.84 million
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BNP Paribas Securities Corp.
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Manager: | Crestline Denali Capital, LP
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Call feature: | Two years
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Pricing date: | Feb. 25
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Distribution: | Rule 144A
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|
Class A-1 notes
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Amount: | $192.25 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 155 bps
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Ratings: | Moody’s: Aaa (expected)
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| Fitch: AAA
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Class A-2 notes
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Amount: | $30 million
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Securities: | Fixed-rate notes
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Coupon: | 3%
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Ratings: | Moody’s: Aaa (expected)
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| Fitch: AAA
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Class B-1 notes
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Amount: | $20 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 245 bps
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Rating: | Moody’s: Aa2 (expected)
|
|
Class B-1L loans
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Amount: | $20 million
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Securities: | Loans
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Coupon: | Libor plus 245 bps
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Rating: | Moody’s: Aa2 (expected)
|
|
Class B-2 notes
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Amount: | $2.88 million
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Securities: | Fixed-rate notes
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Coupon: | 3.91%
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Rating: | Moody’s: Aa2 (expected)
|
|
Class C notes
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Amount: | $20.35 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 345 bps
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Rating: | Moody’s: A2 (expected)
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Class D notes
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Amount: | $19 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 465 bps
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Rating: | Moody’s: Baa3 (expected)
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Class E notes
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Amount: | $17.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 775 bps
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Rating: | Moody’s: Ba3 (expected)
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|
Equity
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Amount: | $36.86 million
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Securities: | Subordinated notes
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Rating: | Non-rated
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