By Cristal Cody
Eureka Springs, Ark., May 16 – MidOcean Credit Fund Management LP priced a $405.25 million collateralized loan obligation deal, according to a market source.
MidOcean Credit CLO V/MidOcean Credit CLO V LLC sold $256 million of class A floating-rate notes at Libor plus 170 basis points; $41 million of class B floating-rate notes at Libor plus 260 bps; $31 million of class C floating-rate notes at Libor plus 350 bps; $16.75 million of class D floating-rate notes at Libor plus 550 bps; $23.25 million of class E floating-rate notes at Libor plus 695 bps and $8 million of class F floating-rate notes at Libor plus 730 bps. The offering included a $29.25 million equity tranche.
Credit Suisse Securities (USA) LLC was the deal arranger.
MidOcean Credit Fund Management will manage the CLO.
The affiliate of New York City-based private equity firm MidOcean Partners brought one CLO transaction to market in 2015.
| Issuer: | MidOcean Credit CLO V/MidOcean Credit CLO V LLC
|
| Amount: | $405.25 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | MidOcean Credit Fund Management LP
|
| Pricing date: | May 12
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $41 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $31 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: A3 expected
|
|
|
| Class D notes
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| Amount: | $16.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
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| Amount: | $23.25 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 695 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class F notes
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| Amount: | $8 million
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| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 730 bps
|
| Rating: | Moody’s: B3 expected
|
|
|
| Equity
|
| Amount: | $29.25 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
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