By Cristal Cody
Tupelo, Miss., March 15 - MCF CLO II LLC sold $277 million in a six-tranche collateralized loan obligation offering of floating-rate notes due April 2023, according to a market source.
The sale included $56.7 million of class A senior secured floating-rate notes (Aaa) priced at Libor plus 153 basis points; $24.5 million of class B senior secured floating-rate notes (Aa2) at Libor plus 265 bps; $33 million of class C secured deferrable floating-rate notes (A2) at Libor plus 350 bps; $13 million of class D secured deferrable floating-rate notes (Baa2) at Libor plus 425 bps; $25.5 million of class E secured deferrable floating-rate notes (Ba2) at Libor plus 575 bps; and $9 million of class F secured deferrable floating-rate notes (B2) at Libor plus 725 bps.
Wells Fargo Securities LLC was the arranger.
The non-callable period ends April 2015.
MCF Capital Management LLC is the collateral manager.
Proceeds will be used to repay an existing loan facility entered into by Kirkwood Fund III LLC, which will be renamed MCF CLO II LLC in connection with the offering.
MCF CLO II is a managed cash flow CLO that is backed by a $300 million portfolio of senior secured loans to small and middle market corporate borrowers.
| Issuer: | MCF CLO II LLC
|
| Amount: | $277 million
|
| Maturity: | April 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | MCF Capital Management LLC
|
| Call feature: | Non-callable for two years
|
| Settlement date: | March
|
|
|
| Amount: | $56.7 million
|
| Securities: | Class A senior secured floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Amount: | $24.5 million
|
| Securities: | Class B senior secured floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Amount: | $33 million
|
| Securities: | Class C secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: A2
|
|
|
| Amount: | $13 million
|
| Securities: | Class D secured deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Amount: | $25.5 million
|
| Securities: | Class E secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Amount: | $9 million
|
| Securities: | Class F secured deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | Moody's: B2
|
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