MidOcean prices $518 million CLO; June issuance remains strong; Golub to refinance CLO

By Cristal Cody

Tupelo, Miss., June 23 – Primary action in the CLO market is expected to stay active through the last full week of the month, following a $518 million offering from MidOcean Credit Fund Management LP on Monday.

MidOcean Credit Fund priced the AAA tranche at Libor plus 146 basis points, according to a market source.

More than $10 billion of CLOs have priced in June.

CLO refinancing activity also continues to be active, according to market sources.

Golub Capital announced plans to refinance $306.13 million of notes in a CLO brought in 2011.

MidOcean Credit Fund Management sold $518 million of notes due July 21, 2026 in the CLO deal, according to a market source.

MidOcean Credit CLO III/MidOcean Credit CLO III LLC priced $312.5 million of class A floating-rate notes (Aaa/AAA/) at Libor plus 146 bps.

The CLO sold $62.5 million of class B floating-rate notes (/AA/) at Libor plus 200 bps; $36.25 million of class C deferrable floating-rate notes (/A/) at Libor plus 290 bps; $27.5 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 375 bps; $23.75 million of class E deferrable floating-rate notes (/BB/) at Libor plus 525 bps and $11.25 million of class F deferrable floating-rate notes (/B/) at Libor plus 600 bps.

The offering included $44.25 million of income notes in the equity tranche.

Credit Suisse Securities (USA) LLC arranged the deal.

MidOcean Credit Fund will manage the CLO.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.