By Cristal Cody
Eureka Springs, Ark., Nov. 17 – MidOcean Credit Fund Management LP priced a $402.7 million collateralized loan obligation transaction, according to a market source.
MidOcean Credit CLO VI/MidOcean Credit CLO VI LLC sold $242 million of class A floating-rate notes at Libor plus 158 basis points; $58 million of class B floating-rate notes at Libor plus 223 bps; $26 million of class C floating-rate notes at Libor plus 315 bps; $22 million of class D floating-rate notes at Libor plus 480 bps; $20 million of class E floating-rate notes at Libor plus 870 bps and $34.7 million of subordinated notes.
Jefferies 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 has priced two CLOs year to date and brought one CLO transaction to market in 2015.
| Issuer: | MidOcean Credit CLO VI/MidOcean Credit CLO VI LLC
|
| Amount: | $402.7 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | MidOcean Credit Fund Management LP
|
| Pricing date: | Nov. 8
|
|
|
| Class A notes
|
| Amount: | $242 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
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| Amount: | $58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 223 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
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| Amount: | $26 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
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| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 480 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 870 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $34.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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