By Cristal Cody
Tupelo, Miss., Feb. 21 – MidOcean Credit Fund Management LP priced $489 million of notes due July 15, 2029 in a refinancing of a vintage collateralized loan obligation deal, according to a market sources and a notice of executed second supplemental indenture on Thursday.
MidOcean Credit CLO VII/MidOcean Credit CLO VII LLC sold $378 million of class A-1-R floating-rate notes at Libor plus 104 basis points, $24 million of class A-2-R floating-rate notes at Libor plus 145 bps, $51 million of class B-R floating-rate notes at Libor plus 160 bps and $36 million of class C-R deferrable floating-rate notes at Libor plus 220 bps.
Morgan Stanley & Co. LLC was the refinancing placement agent.
In the original $613.5 million transaction issued July 6, 2017, the CLO sold $378 million of class A-1 floating-rate notes at Libor plus 132 bps; $24 million of class A-2 floating-rate notes at Libor plus 155 bps; $51 million of class B floating-rate notes at Libor plus 190 bps; $36 million of class C deferrable floating-rate notes at Libor plus 275 bps; $34.5 million of class D deferrable floating-rate notes at Libor plus 388 bps; $28.5 million of class E deferrable floating-rate notes at Libor plus 665 bps; $9 million of class F deferrable floating-rate notes at Libor plus 810 bps and $52.5 million of income notes.
Proceeds were used to redeem the original notes.
The CLO is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
The manager is an affiliate of New York City-based private equity firm MidOcean Partners.
Issuer: | MidOcean Credit CLO VII/MidOcean Credit CLO VII LLC
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Amount: | $489 million refinancing
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Maturity: | July 15, 2029
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | Morgan Stanley & Co. LLC
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Manager: | MidOcean Credit Fund Management LP
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Settlement date: | Feb. 20
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Distribution: | Rule 144A and Regulation S
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Class A-1-R notes
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Amount: | $378 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 104 bps
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Ratings: | Moody’s: Aaa
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| Fitch: AAA
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Class A-2-R notes
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Amount: | $24 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 145 bps
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Rating: | Moody’s: Aaa
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Class B-R notes
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Amount: | $51 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 160 bps
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Rating: | Moody’s: Aa2
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Class C-R notes
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Amount: | $36 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | Moody’s: A2
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