Hildene Leveraged Credit plans $309.75 million Hildene CLO I deal

By Cristal Cody

Tupelo, Miss., Dec. 9 - Hildene Leveraged Credit, LLC expects to price $309.75 million of notes due Jan. 17, 2026 in a collateralized loan obligation offering, according to a market source.

The Hildene CLO I Ltd./Hildene CLO I LLC deal includes $187.5 million of class A notes (//AAA); $28.5 million of class B-1 notes; $10 million of class B-2 notes; $16.5 million of class C notes; $18.5 million of class D notes; $14.5 million of class E notes; $6 million of class F notes and $28.25 million of subordinated notes.

Merrill Lynch, Pierce, Fenner & Smith Inc. will arrange the transaction.

The CLO will have a two-year non-call period and a four-year reinvestment period.

Hildene Leveraged Credit will manage the CLO. Babson Capital Management LLC is the successor manager if Hildene resigns or is removed as portfolio manager.

The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.

Proceeds will be used to purchase assets to reach a target portfolio of about $300 million of leveraged loans.

The deal is expected to close in January.

Hildene Leveraged Credit is a division of New York-based asset management firm Hildene Capital Management, LLC.

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