By Cristal Cody
Tupelo, Miss., Nov. 3 – Carlson Capital, LP sold $404.36 million of notes due Jan. 15, 2026 in the Cathedral Lake III Ltd./Cathedral Lake III LLC transaction, according to a market source.
The CLO priced $2.5 million of class A-X floating-rate notes at Libor plus 130 basis points; $257 million of class A-1 loans at Libor plus 137 bps; $46 million of class B floating-rate notes at Libor plus 255 bps; $24 million of class C deferrable floating-rate notes at Libor plus 355 bps; $21 million of class D deferrable floating-rate notes at Libor plus 550 bps; $20 million of class E deferrable floating-rate notes at Libor plus 755 bps and $33.86 million of subordinated notes.
Jeffries LLC arranged the transaction.
Carlson Capital is the CLO manager.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
The deal is the second CLO offering Carlson Capital has priced year to date.
The alternative asset management firm is based in Dallas.
| Issuer: | Cathedral Lake III Ltd./Cathedral Lake III LLC
|
| Amount: | $404.36 million
|
| Maturity: | Jan. 15, 2026
|
| Securities: | Floating-rate notes, loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jeffries LLC
|
| Manager: | Carlson Capital, LP
|
| Pricing date: | Oct. 23
|
| Settlement date: | Dec. 8
|
|
|
| Class A-X notes
|
| Amount: | $2.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $257 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 137 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $46 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 755 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Equity
|
| Amount: | $33.86 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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