Chicago, June 2 – AB Private Credit Investors LLC conducted a second $395.4 million refinancing of the collateralized loan obligation issued by ABPCI Direct Lending Fund CLO I Ltd./ABPCI Direct Lending Fund CLO I LLC, based on a pre-sale report.
The first refinancing took place in May 2019. The CLO was originally issued in 2016.
The maturity date is now July 20, 2033, pushed back from July 20, 2029.
The portfolio now has $201 million of class A-1A-2 senior secured floating-rate notes at Libor plus 170 basis points, $23 million of class A-1B-2 2.75% senior secured fixed-rate notes, $5.5 million of class A-2A-2 senior secured floating-rate notes at Libor plus 185 bps, $14.5 million of class A-2B-2 3.17% senior secured fixed-rate notes, $24 million of class B-1-2 senior secured floating-rate notes at Libor plus 200 bps and $4 million of class B-2-2 3.37% senior secured fixed-rate notes.
Lower, there are $32 million of class C-2 senior secured deferrable floating-rate notes at Libor plus 300 bps, $20 million of class D-2 senior secured deferrable floating-rate notes at Libor plus 480 bps and $12 million of class E-2 senior secured deferrable floating-rate notes at Libor plus 873 bps.
There are also $59.4 million of subordinated notes.
The middle-market CLO previously refinanced $216 million of class A-1A senior secured floating-rate notes at Libor plus 165 bps, $19.5 million of 3.94% class A-1B senior secured fixed-rate notes, $38 million of class A-2A senior secured floating-rate notes at Libor plus 260 bps and $14 million of 4.84% class A-2B senior secured fixed-rate notes.
The CLO also previously sold $27.2 million of class B senior secured deferrable floating-rate notes at Libor plus 370 bps, $17 million of class C senior secured deferrable floating-rate notes at Libor plus 452 bps and $69.1 million of subordinated notes.
Natixis Securities Americas LLC was again the refinancing placement agent.
AB Private Credit Investors will continue to manage the CLO, which is collateralized primarily by middle-market senior secured loans. The reinvestment period now ends July 20, 2025.
There are two years of call protection.
In the original $351.3 million transaction issued Dec. 22, 2016, the CLO sold $240.6 million of class A floating-rate notes at Libor plus 270 bps, $22.8 million of class B deferrable floating-rate notes at Libor plus 592 bps and $87.9 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
| Issuers: | ABPCI Direct Lending Fund CLO I Ltd./ABPCI Direct Lending Fund CLO I LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $395.4 million
|
| Maturity: | July 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | July 20, 2033
|
| Settlement date: | May 13
|
|
|
| Class A-1A-2 notes
|
| Amount: | $201 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B-2 notes
|
| Amount: | $23 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.75%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A-2 notes
|
| Amount: | $5.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2B-2 notes
|
| Amount: | $14.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.17%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-2 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.37%
|
| Rating: | S&P: AA
|
|
|
| Class C-2 notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 873 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $59.4 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
