CLO Markets US Deals Alert - 30 August 2024, 09:40 UK time
Category: CLO Markets
Three US deals priced yesterday afternoon New York time.
Orchard Park CLO, a US BSL CLO managed by Blackstone Liquid Credit Strategies priced via Citi.
Orchard Park CLO
| Class | Size ($m) | Moody’s/S&P | Par Sub^ | Flt/Fix | Coupon | DM |
| A | 310.00 | Aaa/AAA | 38.00% | Float | S + 136 | S + 136 |
| B-1 | 60.00 | NR/AA | 24.00% | Float | S + 170 | S + 170 |
| B-2 | 10.00 | NR/AA | 24.00% | Fixed | 5.10% | -- |
| C | 30.00 | NR/A | 18.00% | Float | S + 195 | S + 195 |
| D-1 | 30.00 | NR/BBB- | 12.00% | Float | S + 295 | S + 295 |
| D-2 | 3.75 | NR/BBB- | 11.25% | Fixed | 7.58% | -- |
| E | 16.25 | NR/BB- | 8.00% | Float | S + 560 | S + 560 |
| Sub | 48.10 | NR/NR | -- | -- | -- | -- |
| Total | 508.10 |
^ Par subs calculated assuming $500mm target portfolio
Key dates:
Closing Date: October 10, 2024
Payment Date: 20th of January, April, July and October; Beginning April 2025
Reinvestment Period: October 20, 2029
Non-Call Period: October 20, 2026
Stated Maturity: October 20, 2037
The refi of Regatta XVI Funding, a US BSL CLO managed by Regatta Loan Management priced via BNP Paribas. This transaction is expected to be EU and UK risk retention compliant, according to investors.
Refinancing of Regatta XVI Funding
| Class | Size ($m) | S&P / M / F | Sub | Coupon (SOFR+) | DM (SOFR+) |
| A1R | 372.00 | AAA / NR / NR | 36.79% | 120 | 120 |
| A2R | 15.00 | AAA / NR / NR | 34.25% | 145 | 145 |
| BR | 67.50 | AA / NR / NR | 22.78% | 170 | 170 |
| CR | 37.50 | A / NR / NR | 16.41% | 190 | 190 |
| DR | 33.90 | BBB- / NR / NR | 10.65% | 320 | 320 |
| ER | 22.50 | BB- / NR / NR | 6.82% | 710 | 710 |
| SUBORD | 56.50 | NR / NR / NR | -- | -- | -- |
| Total | 604.90 |
^Par subs calculated assuming $450mm target portfolio
Key dates:
Closing Date: September 12, 2024
Reinvestment Period End Date: January 15, 2025
Non-Call Period End Date: June 12, 2025
The reset of Flatiron CLO 21, a US BSL CLO managed by NYL Investors priced via Mizuho.
Flatiron CLO 21 Ltd.
| Class | Size ($m) | Moody's/Fitch | Par Sub | WAL | Coupon | Price |
| X-R | 3.60 | Aaa / - | 2.2 | SOFR + 1.10% | 100 | |
| A-1-R | 320.00 | Aaa / - | 36.00% | 6.6 | SOFR + 1.36% | 100 |
| A-2-R | 10.00 | - / AAA | 34.00% | 8.4 | SOFR + 1.58% | 100 |
| B-R | 50.00 | - / AA | 24.00% | 8.8 | SOFR + 1.70% | 100 |
| C-R | 30.00 | - / A | 18.00% | 9.4 | SOFR + 2.00% | 100 |
| D-1 | 30.00 | - / BBB- | 12.00% | 9.9 | SOFR + 3.10% | 100 |
| D-2 | 5.00 | - / BBB- | 11.00% | 10.2 | 7.67% | 100 |
| E-R | 15.00 | - / BB- | 8.00% | 10.4 | SOFR + 5.90% | 100 |
| SUB | 49.50 | Not offered | ||||
| Total | 513.10 | |||||
Key dates:
Closing Date: September 12, 2024
First Payment: October 19, 2024
Reinvestment Date: October 19, 2029
Non-Call Date: October 19, 2026
Stated Maturity: October 19, 2037
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