Chicago, Feb. 25 – Ivy Hill Asset Management LP refinanced and extended for $476.76 million the collateralized loan obligation issued by Ivy Hill Middle Market Credit Fund IX-R LLC, according to a pre-sale report.
The notes will mature on April 23, 2034.
The refinanced CLO consists of $4.5 million of class X-RR senior secured floating-rate notes at SOFR plus 120 basis points, $15 million of class A-1R-RR senior secured floating-rate notes at SOFR plus 162 bps, $209.25 million of class A-1T-RR senior secured floating-rate notes at SOFR plus 162 bps, $30 million of class A-2-RR 3.38% senior secured deferrable fixed-rate notes, $58.5 million of class B-RR senior secured deferrable floating-rate notes at SOFR plus 205 bps, $33.75 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 280 bps, $20.25 million of class D-RR senior secured deferrable floating-rate notes at SOFR plus 385 bps, $29.25 million of class E-RR senior secured deferrable floating-rate notes at SOFR plus 822 bps and $76.26 million of subordinated notes.
The A-1R-RR variable funding notes can be drawn during the reinvestment period to fund underlying delayed-draw or revolving loans.
Ivy Hill Asset Management LP will manage the collateral through the end of the reinvestment period on April 23, 2026.
There will be senior secured term loans in the collateral pool.
The notes can be called starting April 23, 2024.
Natixis Securities Americas LLC was the placement agent.
Ivy Hill is a wholly-owned portfolio company of Ares Capital Corp. The original Ivy Hill Middle Market Credit Fund IX Ltd./Ivy Hill Middle Market Credit Fund IX LLC CLO dates to October 2014.
| Issuer: | Ivy Hill Middle Market Credit Fund IX-R LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $476.76 million
|
| Maturity: | April 23, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | April 23, 2024
|
| Settlement date: | March 3
|
|
|
| Class X-RR notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R-RR notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 162 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1T-RR notes
|
| Amount: | $209.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 162 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.38%
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $58.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $33.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: A-
|
|
|
| Class D-RR notes
|
| Amount: | $20.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $29.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 822 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $76.26 million
|
| Securities: | Subordinated notes
|
|
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