Chicago, May 25 – Ivy Hill Asset Management LP sold $497.5 million in new notes in a collateralized loan obligation that is being issued by Ivy Hill Middle Market Credit Fund XVIII Ltd./Ivy Hill Middle Market Credit Fund XVIII LLC, according to a pre-sale report.
The portfolio, due April 22, 2033, includes $282.5 million of class A senior secured floating-rate notes at Libor plus 150 basis points, $45 million of class B-1 senior secured floating-rate notes at Libor plus 190 bps, $20 million of class B-2 3.24% senior secured fixed-rate notes,$37.5 million of class C senior secured deferrable floating-rate notes at Libor plus 270 bps, $22.5 million of class D senior secured deferrable floating-rate notes at Libor plus 405 bps and $30 million of class E senior secured deferrable floating-rate notes at Libor plus 775 bps.
There are also $60 million of subordinated notes.
Natixis Securities Americas LLC is the placement agent.
Ivy Hill Asset Management is selecting the collateral through the end of the reinvestment period on April 22, 2025.
Collateral mostly comes from senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called after April 22, 2023.
Ivy Hill Asset Management is a New York-based portfolio company of Ares Capital Corp.
| Issuers: | Ivy Hill Middle Market Credit Fund XVIII Ltd./Ivy Hill Middle Market Credit Fund XVIII LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $497.5 million
|
| Maturity: | April 22, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | April 22, 2023
|
| Settlement date: | April 22
|
|
|
| Class A notes
|
| Amount: | $282.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.24%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A-
|
|
|
| Class D notes
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| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $60 million
|
| Securities: | Subordinated notes
|
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