By Cristal Cody
Tupelo, Miss., Aug. 14 – AB Private Credit Investors LLC sold $300.5 million of notes due Aug. 9, 2030 in the ABPCI Direct Lending Fund CLO VI Ltd./ABPCI Direct Lending Fund CLO VI LLC middle-market offering, according to an informed source.
The CLO priced $178.2 million of class A-1 floating-rate notes at Libor plus 173 basis points, $25 million of class A-2A floating-rate note at Libor plus 245 bps, $9.95 million of 4.23% class A-2B fixed-rate notes, $16.4 million of class B deferrable floating-rate notes at Libor plus 340 bps, $17.35 million of class C deferrable floating-rate notes at Libor plus 440 bps and $53.6 million of subordinated notes.
Barclays arranged the offering.
AB Private Credit Investors will manage the CLO.
The deal is collateralized primarily by U.S. senior secured loans.
The CLO has a two-year non-call period and a three-year reinvestment period.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
| Issuer: | ABPCI Direct Lending Fund CLO VI Ltd./ABPCI Direct Lending Fund CLO VI LLC
|
| Amount: | $300.5 million
|
| Maturity: | Aug. 9, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | AB Private Credit Investors LLC
|
| Call feature: | Two years
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 9
|
|
|
| Class A-1 notes
|
| Amount: | $178.2 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 173 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 245 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | $9.95 million
|
| Securities: | Fixed-rate notes
|
| Discount margin: | 4.23%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $16.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 340 bps
|
| Rating: | S&P: A-
|
|
|
| Class C notes
|
| Amount: | $17.35 million
|
| Securities: | Deferrable floating-rate notes
|
| Discount margin: | Libor plus 440 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $53.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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