Chicago, Nov. 23 – MidOcean Credit Fund Management LP refinanced for $403.05 million the collateralized loan obligation issued by MidOcean Credit CLO X/MidOcean Credit CLO X LLC, according to a pre-sale report.
The notes will mature on Oct. 23, 2034.
The CLO now consists of $240 million of class A-1-R senior secured floating-rate notes at Libor plus 123 basis points, $15 million of class A-2-R senior secured floating-rate notes at Libor plus 160 bps, $49 million of class B-R senior secured floating-rate notes at Libor plus 190 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $16 million of class D-1-R senior secured deferrable floating-rate notes at Libor plus 340 bps, $8 million of class D-2-R senior secured deferrable floating-rate notes at Libor plus 487 bps, $15.2 million of class E-R senior secured deferrable floating-rate notes at Libor plus 716 bps and $35.85 million of subordinated notes.
MidOcean Credit Fund Management LP will manage the collateral through the end of the reinvestment period on Oct. 23, 2026.
Collateral includes broadly syndicated speculative-grade senior secured term loans.
Initially, the CLO sold $246 million of class A-1 floating-rate notes at Libor plus 139 bps, $4 million of class A-21 floating-rate notes at Libor plus 175 bps and $10 million of 3.33% class A-22 fixed-rate notes.
The CLO also originally priced $44 million of class B floating-rate notes at Libor plus 240 bps; $24 million of class C floating-rate notes at Libor plus 300 bps; $18 million of class D floating-rate notes at Libor plus 450 bps; $20.8 million of class E floating-rate notes at Libor plus 744 bps and $35.85 million of subordinated notes.
The notes can be called starting Oct. 25, 2023.
Barclays was the placement agent.
The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.
| Issuer: | MidOcean Credit CLO X/MidOcean Credit CLO X LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $403.05 million
|
| Maturity: | Oct. 23, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | MidOcean Credit Fund Management LP
|
| Call feature: | Oct. 25, 2023
|
| Settlement date: | Oct. 25
|
|
|
| Class A-1-R notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 123 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-2-R notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 487 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 716 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.85 million
|
| Securities: | Subordinated notes
|
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