Chicago, Feb. 20 – Ivy Hill Asset Management LP priced $450.8 million of notes and loans in a collateralized loan obligation being issued by Ivy Hill Middle Market Credit Fund XXII Ltd./Ivy Hill Middle Market Credit Fund XXII LLC, according to a presale report.
The CLO will mature on April 20, 2036.
The transaction consists of $231 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $30 million of class A senior secured floating-rate loans at SOFR plus 190 bps, $45 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $36 million of class C senior secured deferrable floating-rate notes at SOFR plus 325 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 505 bps, $27 million of class E senior secured deferrable floating-rate notes at SOFR plus 785 bps and $54.8 million of subordinated notes.
Ivy Hill Asset Management LP will manage the collateral through the end of the reinvestment period on April 20, 2028.
Collateral for the CLO consists of middle-market speculative-grade senior secured term loans.
Call protection covers a non-call period that ends March 7, 2026.
SG Americas 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 XXII Ltd./Ivy Hill Middle Market Credit Fund XXII LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $450.8 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | SG Americas Securities LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | March 7, 2026
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 7
|
|
|
| Class A notes
|
| Amount: | $231 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 505 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 785 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $54.8 million
|
| Securities: | Subordinated notes
|
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