Chicago, March 17 – Ivy Hill Asset Management LP sold $394.31 million in a collateralized loan obligation being issued by Ivy Hill Middle Market Credit Fund XX Ltd./Ivy Hill Middle Market Credit Fund XX LLC, according to a presale report.
The notes will mature on April 20, 2035.
The CLO consists of $232 million of class A senior secured floating-rate notes at SOFR plus 240 basis points, $36 million of class B senior secured floating-rate notes at SOFR plus 350 bps, $36 million of class C senior secured deferrable floating-rate notes at SOFR plus 420 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 640 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 1,000 bps and $42.31 million of subordinated notes.
Ivy Hill Asset Management LP will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting April 20, 2025.
Natixis Securities Americas LLC was the placement agent.
Ivy Hill Asset Management is a New York-based portfolio company of Ares Capital Corp.
| Issuer: | Ivy Hill Middle Market Credit Fund XX Ltd./Ivy Hill Middle Market Credit Fund XX LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $394.31 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | April 20, 2025
|
| Settlement date: | March 15
|
|
|
| Class A notes
|
| Amount: | $232 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 1,000 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.31 million
|
| Securities: | Subordinated notes
|
|
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