Chicago, Sept. 27 – Bain Capital Credit U.S. CLO Manager LLC sold its fourth CLO of 2021 in a $609.45 million collateralized loan obligation transaction being issued by Bain Capital Credit CLO 2021-4 Ltd./Bain Capital Credit CLO 2021-4 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $6 million of class X senior secured floating-rate notes at Libor plus 85 basis points, $378 million of class A-1 senior secured floating-rate notes at Libor plus 117 bps, $12 million of class A-2 senior secured floating-rate notes at Libor plus 145 bps, $66 million of class B senior secured floating-rate notes at Libor plus 165 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 650 bps and $51.45 million of subordinated notes.
Bain Capital Credit U.S. CLO Manager LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral for the notes will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Jefferies LLC was the placement agent.
The asset management firm is based in Boston.
| Issuers: | Bain Capital Credit CLO 2021-4 Ltd./Bain Capital Credit CLO 2021-4 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $609.45 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Bain Capital Credit U.S. CLO Manager LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Sept. 27
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $378 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | S&P:
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | S&P:
|
|
|
| Subordinated notes
|
| Amount: | $51.45 million
|
| Securities: | Subordinated notes
|
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