Chicago, Sept. 6 – Centerbridge Credit Funding Advisors, LLC sold $399 million in a collateralized loan obligation being issued by Park Blue CLO 2022-I, Ltd., according to a new issue report and a press release.
The notes will mature on Oct. 20, 2034.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 245 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 285 bps, $20 million of class B-1 senior secured floating-rate notes at SOFR plus 335 bps, $26 million of class B-2 6.25% senior secured fixed-rate notes, $20 million of class C-1 deferrable mezzanine floating-rate notes at SOFR plus 450 bps, $2 million of class C-2 7.11% deferrable mezzanine fixed-rate notes, $24 million of class D deferrable mezzanine floating-rate notes at SOFR plus 588 bps, $10 million of class E deferrable mezzanine floating-rate notes, $1 million of class F deferrable mezzanine floating-rate notes and $40 million of subordinated notes.
Centerbridge Credit Funding Advisors, 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.
Centerbridge is a New York-based investment management firm.
| Issuer: | Park Blue CLO 2022-I, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $399 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | Centerbridge Credit Funding Advisors, LLC
|
| Settlement date: | Sept. 1
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $26 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.25%
|
| Rating: | Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | $2 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 7.11%
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 588 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $10 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Rating: | Fitch: BB
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $40 million
|
| Securities: | Subordinated notes
|
|
|
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