Chicago, May 25 – MidOcean Credit Fund Management LP refinanced its MidOcean Credit CLO VI/MidOcean Credit CLO VI LLC transaction, according to a pre-sale report.
The $407.95 million refinancing comes with an April 20, 2033 maturity date.
The CLO contains $2.25 million of class X senior secured floating-rate notes at Libor plus 80 basis points, $256 million of class A-RR senior secured floating-rate notes at Libor plus 107 bps and $48 million of class B-RR senior secured floating-rate notes at Libor plus 170 bps.
In the deferrable classes, there are $12 million of class C-1R senior secured deferrable floating-rate notes at Libor plus 242 bps, $6 million of class C-2AR senior secured deferrable floating-rate notes at Libor plus 200 bps, $6 million of class C-2BR senior secured deferrable floating-rate notes at Libor plus 284 bps, $15 million of class D-1R senior secured deferrable floating-rate notes at Libor plus 352 bps, $6.75 million of class D-2AR senior secured deferrable floating-rate notes at Libor plus 340 bps, $2.25 million of class D-2BR senior secured deferrable floating-rate notes at Libor plus 429 bps, $15 million of class E-RR senior secured floating-rate notes at Libor plus 805 bps and $4 million of class F senior deferrable floating-rate notes at Libor plus 801 bps.
There are also $34.7 million of subordinated notes.
Collateral for the notes chiefly comes from senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
MidOcean Credit Fund is managing the collateral through the end of the reinvestment period on April 20, 2024.
The notes can be called after April 20, 2022.
Jefferies LLC is the initial purchaser.
The collateral manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuers: | MidOcean Credit CLO VI/MidOcean Credit CLO VI LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $407.95 million
|
| Maturity: | April 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MidOcean Credit Fund Management LP
|
| Call feature: | April 20, 2022
|
| Settlement date: | April 20
|
|
|
| Class X notes
|
| Amount: | $2.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-RR notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 242 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2AR notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA-
|
|
|
| Class C-2BR notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 284 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 352 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2AR notes
|
| Amount: | $6.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2BR notes
|
| Amount: | $2.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 429 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 805 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $4 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 801 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $34.7 million
|
| Securities: | Subordinated notes
|
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