MidOcean Credit Partners set to price $414.75 million MidOcean Credit CLO II deal

By Cristal Cody

Tupelo, Miss., Jan. 8 - MidOcean Credit Partners plans to price a $414.75 million collateralized loan obligation transaction, according to a market source.

The MidOcean Credit CLO II/MidOcean Credit CLO II LLC transaction includes $250 million of class A floating-rate notes (/AAA/); $56 million of class B floating-rate notes (/AA/); $25 million of class C deferrable floating-rate notes (/A/); $21 million of class D deferrable floating-rate notes (/BBB/); $20 million of class E deferrable floating-rate notes (/BB/) and $42.75 million of income notes.

Jefferies LLC will arrange the transaction.

The notes are due Jan. 29, 2025.

The non-call period on the CLO ends Jan. 29, 2016, and the reinvestment period ends Jan. 29, 2018.

MidOcean Credit Fund Management LP will manage the CLO, which is backed by a revolving pool of primarily broadly syndicated senior secured loans.

The deal is expected to close on Jan. 29.

MidOcean Credit Partners, an affiliate of New York City-based private equity firm MidOcean Partners, priced its first CLO, the $425.27 million MidOcean Credit CLO I/MidOcean Credit CLO I LLC deal, in January 2013.

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