By Cristal Cody
Tupelo, Miss., March 18 – Bain Capital Credit LP priced $507.9 million of notes due April 18, 2033 in a new collateralized loan obligation offering, according to market sources.
Bain Capital Credit CLO 2020-1 Ltd./Bain Capital Credit CLO 2020-1 LLC sold $305 million of class A-1 floating-rate notes at Libor plus 119 basis points, $20 million of 2.506% class A-2F fixed-rate notes, $131.58 million of class B floating-rate notes at Libor plus 170 bps, $32.5 million of class C deferrable floating-rate notes at Libor plus 270 bps, $27.5 million of class D deferrable floating-rate notes at Libor plus 425 bps, $20 million of class E deferrable floating-rate notes at Libor plus 825 bps and $47.9 million of subordinated notes.
Jefferies LLC arranged the deal.
Bain Capital Credit U.S. CLO Manager LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is backed primarily by broadly syndicated first-lien senior secured loans.
Bain Capital Credit is an asset management firm based in Boston.
| Issuer: | Bain Capital Credit CLO 2020-1 Ltd./Bain Capital Credit CLO 2020-1 LLC
|
| Amount: | $507.9 million
|
| Maturity: | April 18, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | Two years
|
| Pricing date: | March 3
|
| Settlement date: | March 27
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2F notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.506%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 825 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $47.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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