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Hildene Leveraged Credit to offer $413.75 million of notes in CLO deal
By Cristal Cody
Tupelo, Miss., May 6 - Hildene Leveraged Credit, LLC plans to offer $413.75 million of notes due 2026 in a collateralized loan obligation deal, according to a market source.
The Hildene CLO II, Ltd./Hildene CLO II LLC transaction includes $252 million of class A floating-rate notes (//AAA), $39.25 million of class B-1 floating-rate notes, $10 million of class B-2 fixed-rate notes, $22 million of class C floating-rate notes, $24.25 million of class D floating-rate notes, $19.75 million of class E floating-rate notes, $6.5 million of class F floating-rate notes and $40 million of subordinated notes.
BofA Merrill Lynch is the placement agent.
Hildene Leveraged Credit, LLC will manage the CLO, which is backed primarily by broadly syndicated senior secured first-lien corporate loans.
The CLO will have a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of leveraged loans.
Hildene Leveraged Credit is part of Hildene Capital Management, LLC, an asset management firm based in Stamford, Conn.
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