Chicago, March 17 – AB Private Credit Investors LLC sold a refinanced version for $444.7 million of the collateralized loan obligation issued by ABPCI Direct Lending Fund CLO II Ltd./ABPCI Direct Lending Fund CLO II LLC and now maturing April 20, 2032, according to a pre-sale report.
The refinanced and extended portfolio contains $252 million of class A-1 senior secured floating-rate notes at Libor plus 160 basis points, $22.5 million of class A-2 senior secured floating-rate notes at Libor plus 190 bps and $31.5 million of class B senior secured floating-rate notes at Libor plus 215 bps.
Additionally, the CLO has $36 million of class C senior secured deferrable floating-rate notes at Libor plus 315 bps, $22.5 million of class D senior secured deferrable floating-rate notes at Libor plus 450 bps, $13.5 million of class E senior secured deferrable floating-rate notes at Libor plus 760 bps and $66.7 million of subordinated notes.
The refinancing relates to a 2017 transaction where the issuers sold $195.6 million of class A-1 floating-rate notes at a discount margin of Libor plus 178 bps, $41.8 million of class A-2 floating-rate note at a discount margin of Libor plus 235 bps, $13.9 million of class B deferrable floating-rate notes at a discount margin of Libor plus 305 bps, $13.9 million of class C deferrable floating-rate notes at a discount margin of Libor plus 485 bps and $83.7 million of subordinated notes.
In the refinancing, the class D and class E notes are new and the other four classes were issued at lower spreads. The transaction was a larger size, nearly $450 million instead of $350 million and the maturity date was extended three years.
Natixis Securities Americas LLC is the placement agent for the refinancing notes.
AB Private Credit Investors will manage collateral for the portfolio through April 20, 2024, when the reinvestment period ends.
The notes can be called after April 20, 2022.
Middle-market lender AB Private Credit Investors is a subsidiary of New York-based AllianceBernstein LP.
| Issuers: | ABPCI Direct Lending Fund CLO II Ltd./ABPCI Direct Lending Fund CLO II LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $444.7 million
|
| Maturity: | April 20, 2032
|
| Agent: | Natixis Securities Americas LLC
|
| Manager: | AB Private Credit Investors LLC
|
| Call: | April 20, 2022
|
| Pricing date: | March 15
|
| Settlement date: | March 18
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $31.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $66.7 million
|
| Securities: | Subordinated notes
|
|
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