By Cristal Cody
Tupelo, Miss., May 23 – Madison Capital Funding LLC priced $300.78 million of loans and notes due July 17, 2031 in the manager’s first middle-market CLO deal of 2019, according to an informed source.
MCF CLO IX Ltd. sold $105 million of class A-1 floating-rate notes at Libor plus 170 basis points, $50 million of class A-1 loans at Libor plus 170 bps and $20 million of class A-2 floating-rate notes at Libor plus 195 bps.
The CLO priced $20 million of class B floating-rate notes at Libor plus 240 bps, $29 million of class C floating-rate notes at Libor plus 340 bps, $17 million of class D floating-rate notes at Libor plus 455 bps, $21 million of class E floating-rate notes at Libor plus 790 bps and $38.78 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
MCF CLO IX has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by middle-market first-lien senior secured loans.
Madison Capital Funding is a Chicago-based middle-market finance company and subsidiary of New York Life Insurance Co.
Issuer: | MCF CLO IX Ltd.
|
Amount: | $300.78 million
|
Maturity: | July 17, 2031
|
Securities: | Loans and floating-rate and subordinated notes
|
Structure: | Middle-market CLO
|
Placement agent: | Wells Fargo Securities, LLC
|
Manager: | Madison Capital Funding LLC
|
Call feature: | Two years
|
Settlement date: | June 20
|
Distribution: | Rule 144A
|
|
Class A-1 notes
|
Amount: | $105 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 170 bps
|
Rating: | Fitch: AAA
|
|
Class A-1 loans
|
Amount: | $50 million
|
Securities: | Loans
|
Coupon: | Libor plus 170 bps
|
Rating: | Fitch: AAA
|
|
Class A-2 notes
|
Amount: | $20 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 195 bps
|
Ratings: | Non-rated
|
|
Class B notes
|
Amount: | $20 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 240 bps
|
Ratings: | Non-rated
|
|
Class C notes
|
Amount: | $29 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 340 bps
|
Ratings: | Non-rated
|
|
Class D notes
|
Amount: | $17 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 455 bps
|
Ratings: | Non-rated
|
|
Class E notes
|
Amount: | $21 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 790 bps
|
Ratings: | Non-rated
|
|
Equity
|
Amount: | $38.78 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.