By Rebecca Melvin
New York, Sept. 23 – Ivy Hill Asset Management LP priced $334.6 million of notes due Oct. 15, 2026 in a collateralized loan obligation, according to an informed source.
Ivy Hill Middle Market Credit Fund IX Ltd./Ivy Hill Middle Market Credit Fund IX LLC sold $182 million of class A senior floating-rate notes (/AAA/) at Libor plus 170 basis points; $21 million of class B-1 senior floating-rate notes at Libor plus 245 bps; $21 million of class B-2 fixed-rate notes at 4.633%; $24 million of class C deferrable mezzanine floating-rate notes at Libor plus 330 bps; $22 million of class D deferrable mezzanine floating-rate notes at Libor plus 400 bps; $25 million of class E deferrable mezzanine floating-rate notes at Libor plus 590 bps and $39,552,000 of subordinated notes.
Wells Fargo Securities LLC was the initial purchaser of the notes.
The notes have a two-year non-call period and a four-year reinvestment period.
The cash flow CLO is backed by middle market loans.
Ivy Hill Asset Management, a subsidiary of Ares Capital Corp., will manage the CLO.
The firm last brought a CLO in October 2013 when it priced $359.75 million in the Ivy Hill Middle Market Credit Fund VII Ltd. deal.
| Issuer: | Ivy Hill Middle Market Credit Fund IX Ltd./Ivy Hill Middle Market Credit Fund IX LLC
|
| Amount: | $334.6 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash-flow CLO
|
| Initial purchaser: | Wells Fargo Securities LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | Oct. 15, 2016
|
| Reinvestment period: | Oct. 15, 2018
|
| Settlement date: | Oct. 15
|
|
|
| Class A notes
|
| Amount: | $182 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $21 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
|
|
| Class B-2 notes
|
| Amount: | $21 million
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 4.633%
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 590 bps
|
|
|
| Equity tranche
|
| Amount: | $39.552 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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