By Rebecca Melvin
New York, Feb. 5 – MidOcean Credit Fund Management LP sold $411 million of notes due April 15, 2027 in a collateralized loan obligation deal, according to a market source.
MidOcean Credit CLO IV/MidOcean Credit CLO IV LLC priced $251.5 million of class A floating-rate notes (/AAA/) at Libor plus 155 basis points.
The CLO sold $48.50 million of class B floating-rate notes (/AA/) at Libor plus 245 bps; $29.75 million of class C deferrable floating-rate notes (/A/) at Libor plus 325 bps; $20.75 million of class D deferrable floating-rate notes (/BBB/) at Libor plus 390 bps; $18 million of class E deferrable floating-rate notes (/BB/) at Libor plus 540 bps and $10.50 million of class F deferrable floating-rate notes (/B/) at Libor plus 700 bps.
The offering included $32 million of income notes in the equity tranche.
Credit Suisse Securities (USA) LLC was the initial purchaser of the deal.
MidOcean Credit Fund Management will manage the CLO.
The CLO has a two-year non-call period that ends April 15, 2017 and a four-year reinvestment period until April 15, 2019.
Collateral consists of broadly syndicated senior secured corporate loans.
The affiliate of New York City-based private equity firm MidOcean Partners has priced a total of three CLO deals since January 2013.
| Issuer: | MidOcean Credit CLO IV/MidOcean Credit CLO IV LLC
|
| Amount: | $411 million
|
| Maturity: | April 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Initial purchaser: | Credit Suisse Securities (USA) LLC
|
| Manager: | MidOcean Credit Fund Management LP
|
| Call feature: | April 15, 2017
|
| Pricing date: | Feb. 5
|
| Settlement date: | March 12
|
|
|
| Class A notes
|
| Amount: | $251.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $48.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | $29.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | $20.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | $18.00 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | $32 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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