By Cristal Cody
Tupelo, Miss., Sept. 25 – Crestline Denali Capital, LP priced $407.2 million of notes due Oct. 15, 2031 in a new collateralized loan obligation offering on Friday, according to a market source.
Crestline Denali CLO XVII, Ltd./Crestline Denali CLO XVII LLC sold $254 million of class A senior secured floating-rate notes at Libor plus 122 basis points; $50 million of class B senior secured floating-rate notes at Libor plus 180 bps; $20 million of class C senior secured deferrable floating-rate notes at Libor plus 235 bps; $26 million of class D senior secured deferrable floating-rate notes at Libor plus 325 bps; $17 million of class E secured deferrable floating-rate notes at Libor plus 620 bps and $40.2 million of subordinated notes.
Barclays 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.
Crestline Denali has priced two new CLOs year to date.
In 2017, the CLO manager priced one new CLO and refinanced one vintage CLO.
The deal is backed mainly by broadly syndicated first-lien senior secured corporate loans.
The asset management firm is based in Oak Brook, Ill.
| Issuer: | Crestline Denali CLO XVII, Ltd./Crestline Denali CLO XVII LLC
|
| Amount: | $407.2 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Crestline Denali Capital, LP
|
| Call feature: | Two years
|
| Pricing date: | Sept. 21
|
| Settlement date: | Oct. 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A notes
|
| Amount: | $254 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $40.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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