By Cristal Cody
Tupelo, Miss., April 10 – Crestline Denali Capital, LP priced $409.44 million of notes due May 10, 2030 in a new collateralized loan obligation offering, according to a market source.
Crestline Denali CLO XV, Ltd./Crestline Denali CLO XV LLC sold $254 million of class A senior secured floating-rate notes at Libor plus 130 basis points; $50 million of class B senior secured floating-rate notes at Libor plus 165 bps; $24 million of class C senior secured deferrable floating-rate notes at Libor plus 245 bps; $22 million of class D senior secured deferrable floating-rate notes at Libor plus 373 bps; $16 million of class E-1 secured deferrable floating-rate notes at Libor plus 635 bps, $6 million of class E-2 secured deferrable floating-rate notes at Libor plus 735 bps and $37.44 million of subordinated notes.
Natixis Securities Americas, LLC was the placement agent.
Crestline Denali 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 first-lien senior secured corporate loans.
Proceeds will be used to purchase a portfolio of about $400 million of mostly first-lien senior secured leveraged loans.
Crestline Denali priced two CLO deals in 2016.
The asset management firm is based in Oak Brook, Ill.
| Issuer: | Crestline Denali CLO XV, Ltd./Crestline Denali CLO XV LLC
|
| Amount: | $409.44 million
|
| Maturity: | May 10, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas, LLC
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | Two years
|
| Pricing date: | April 5
|
| Settlement date: | May 10
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 373 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
|
| Amount: | $16 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Class E-2 notes
|
| Amount: | $6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 735 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $37.44 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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