Chicago, July 1 – Partners Group US Management CLO LLC sold $400.3 million in a collateralized loan obligation issued by Pikes Peak CLO 11 Ltd., according to a new issue report and a press release.
The notes will mature on July 25, 2034.
The CLO consists of $248 million of class A-1 senior secured floating-rate notes at SOFR plus 195 basis points, $12 million of class A-2 2.2% senior secured fixed-rate notes, $42 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $23 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 342 bps, $25 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 471 bps, $15 million of class E junior secured deferrable floating-rate notes at SOFR plus 803 bps, $1 million of class F junior secured deferrable floating-rate notes at SOFR plus 806 bps and $34.3 million of subordinated notes.
Partners Group US Management CLO LLC will manage the collateral through the end of the 4.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Credit Suisse Securities (USA) LLC was the placement agent.
The global private markets investment management firm has U.S. offices in Denver, New York and Houston.
| Issuer: | Pikes Peak CLO 11 Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $400.3 million
|
| Maturity: | July 25, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Partners Group US Management CLO LLC
|
| Settlement date: | June 29
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.2%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $23 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 342 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 471 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 803 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 806 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $34.3 million
|
| Securities: | Subordinated notes
|
|
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