Chicago, Aug. 28 – Garrison Investment Group, LP priced $352.8 million of notes in a new collateralized loan obligation deal, according to a market source.
Garrison MML CLO 2019-1 LP/Garrison MML 2019-1 LLC sold $3 million of class X floating-rate notes at Libor plus 100 basis points; $20 million of class A-1R floating-rate notes at Libor plus 185 bps; $50 million of class A-1T floating-rate notes at Libor plus 175 bps; $74 million of class A-1S floating-rate notes at Libor plus 175 bps and $50 million of class A-1F 3.81% fixed-rate notes.
The CLO also sold $24 million of class A-2T floating-rate notes at Libor plus 275 bps; $26 million of class A-2F 4.59% fixed-rate notes; $19 million of class B deferrable floating-rate notes at Libor plus 385 bps; $10 million of class C deferrable floating-rate notes at Libor plus 525 bps and $76.8 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
This is Garrison’s first CLO for 2019.
Established in 2017, Garrison Investment Group, through its agreement with Garrison Capital Inc., is a credit/distressed and asset-based investor focused on the middle market.
| Issuer: | Garrison MML CLO 2019-1 LP/Garrison MML 2019-1 LLC
|
| Amount: | $352.8 million
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Garrison Investment Group, LP
|
| Pricing date: | Aug. 5
|
| Settlement date: | Aug. 28
|
|
|
| Class X notes
|
| Amount: | $3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1T notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1S notes
|
| Amount: | $74 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $50 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.81%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2T notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2F notes
|
| Amount: | $26 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.59%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $19 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $10 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $76.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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