Chicago, March 3 – Deerpath Capital Management LP sold $503.5 million in a collateralized loan obligation being issued by Deerpath Capital CLO 2023-1 Ltd./Deerpath Capital CLO 2023-1 LLC, according to a presale report.
The notes will mature on April 15, 2035.
The CLO consists of $242.5 million of class A-1 senior secured floating-rate notes at SOFR plus 280 basis points, $37 million of class A-2 6.18% senior secured fixed-rate notes, $46.5 million of class B-1 senior secured floating-rate notes at SOFR plus 390 bps, $9 million of class B-2 7.1% senior secured fixed-rate notes, $45 million of class C senior secured deferrable floating-rate notes at SOFR plus 525 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 676 bps and $93.5 million of subordinated notes.
Deerpath Capital Management LP will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting March 8, 2025.
Greensledge Capital Markets LLC and Raymond James & Associates Inc. are the placement agents.
Deerpath Capital Management is a middle market lender based in New York City.
Issuer: | Deerpath Capital CLO 2023-1 Ltd./Deerpath Capital CLO 2023-1 LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $503.5 million
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Maturity: | April 15, 2035
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Structure: | Cash flow CLO
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Placement agent: | Greensledge Capital Markets LLC and Raymond James & Associates Inc.
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Manager: | Deerpath Capital Management LP
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Call feature: | March 8, 2025
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Settlement date: | March 8
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Class A-1 notes
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Amount: | $242.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 280 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $37 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 6.18%
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Rating: | S&P: AAA
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Class B-1 notes
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Amount: | $46.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 390 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $9 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 7.1%
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Rating: | S&P: AA
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Class C notes
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Amount: | $45 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 525 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 676 bps
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Rating: | S&P: BBB-
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Subordinated notes
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Amount: | $93.5 million
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Securities: | Subordinated notes
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