By Cristal Cody
Tupelo, Miss., Dec. 7 – MidOcean Credit Fund Management LP priced $414.75 million of notes in a refinancing and reset of a vintage 2014 collateralized loan obligation deal, according to a market source and a notice of optional redemption by refinancing and notice of revised proposed amended and restate indenture on Wednesday.
MidOcean Credit CLO II/MidOcean Credit CLO II LLC sold $240 million of class A-R floating-rate notes at Libor plus 126 basis points; $60 million of class B-R floating-rate notes at Libor plus 182 bps; $29 million of class C-R floating-rate notes at Libor plus 192 bps; $23 million of class D-R floating-rate notes at Libor plus 275 bps; $15 million of class E-R floating-rate notes at Libor plus 620 bps; $5 million of class F-R floating-rate notes at Libor plus 839 bps and $42.75 million of income notes.
Jefferies LLC arranged the offering.
MidOcean Credit Fund Management is the CLO manager.
The maturity on the notes was extended to Jan. 29, 2030 from the original Jan. 29, 2025 maturity.
The reset CLO has a two-year non-call period and a four-year reinvestment period.
The CLO originally was issued on Jan. 29, 2014.
Proceeds will be used to redeem the original notes.
The affiliate of New York City-based private equity firm MidOcean Partners priced two new CLOs and refinanced one CLO transaction in 2016.
| Issuer: | MidOcean Credit CLO II/MidOcean Credit CLO II LLC
|
| Amount: | $414.75 million refinancing
|
| Maturity: | Jan. 29, 2030
|
| Securities: | Floating-rate and income notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Jefferies LLC
|
| Manager: | MidOcean Credit Fund Management LP
|
| Call feature: | January 2020
|
| Settlement date: | Dec. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 182 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 192 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 620 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 839 bps
|
| Rating: | S&P: B-
|
|
|
| Equity
|
| Amount: | $42.75 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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