Chicago, Jan. 18 – Carlson CLO Advisers LLC sold $409.75 million in a collateralized loan obligation being issued by Cathedral Lake VIII Ltd./Cathedral Lake VIII LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at Libor plus 122 basis points, $16 million of class A-2 senior secured floating-rate notes at Libor plus 150 bps, $44 million of class B senior secured floating-rate notes at Libor plus 185 bps, $28 million of class C senior secured deferrable floating-rate notes at Libor plus 262 bps, $20 million of class D-1 senior secured deferrable floating-rate notes at Libor plus 342 bps, $8 million of class D-J senior secured deferrable floating-rate notes at Libor plus 498 bps, $12 million of class E senior secured deferrable floating-rate notes at Libor plus 749 bps and $41.75 million of subordinated notes..
Carlson CLO Advisers LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Collateral will be in the form of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2024.
Jefferies LLC was the placement agent.
The Dallas-based alternative asset management firm is a subsidiary of Carlson Capital LP.
| Issuer: | Cathedral Lake VIII Ltd./Cathedral Lake VIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $409.75 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Carlson CLO Advisers LLC
|
| Call feature: | Jan. 20, 2024
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 122 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 262 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 342 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-J notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 498 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 749 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.75 million
|
| Securities: | Subordinated notes
|
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