Chicago, Aug. 1 – Ivy Hill Asset Management LP priced $476.11 million in a collateralized loan obligation being issued by Ivy Hill Middle Market Credit Fund XXI Ltd./Ivy Hill Middle Market Credit Fund XXI LLC, according to a presale report.
The notes will mature on July 18, 2035.
The CLO consists of $243.12 million of class A senior secured floating-rate notes at SOFR plus 245 basis points, $30 million of class A senior secured floating-rate loans at SOFR plus 245 bps, $52.25 million of class B senior secured floating-rate notes at SOFR plus 345 bps, $38 million of class C senior secured deferrable floating-rate notes at SOFR plus 410 bps, $26.13 million of class D senior secured deferrable floating-rate notes at SOFR plus 640 bps, $28.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 852 bps and $58.11 million of subordinated notes.
Ivy Hill Asset Management LP will manage the collateral through the end of the reinvestment period on July 18, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Aug. 17, 2025.
J.P. Morgan Securities 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 XXI Ltd./Ivy Hill Middle Market Credit Fund XXI LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $476.11 million
|
| Maturity: | July 18, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | Aug. 17, 2025
|
| Settlement date: | Aug. 17
|
|
|
| Class A notes
|
| Amount: | $243.12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $38 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 410 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $26.13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $28.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 852 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $58.11 million
|
| Securities: | Subordinated notes
|
|
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