By Cristal Cody
Tupelo, Miss., May 8 – Ivy Hill Asset Management LP sold $381.3 million of notes due July 7, 2029 in the Ivy Hill Middle Market Credit Fund XII Ltd./Ivy Hill Middle Market Credit Fund XII LLC transaction, according to a market source.
The CLO priced $159.8 million of class A-1a floating-rate notes at Libor plus 170 basis points; $53 million of class A-1b floating-rate notes at Libor plus 170 bps; $49.3 million of class A-2 floating-rate notes at Libor plus 225 bps; $30.4 million of class B deferrable floating-rate notes at Libor plus 300 bps; $22.8 million of class C deferrable floating-rate notes at Libor plus 425 bps; $29.7 million of class D deferrable floating-rate notes at Libor plus 790 bps and $36.3 million of subordinated notes.
Natixis Securities America LLC arranged the offering.
Ivy Hill Asset Management will manage the CLO, which is collateralized primarily by middle-market senior secured term loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Ivy Hill Asset Management is a New York-based subsidiary of Ares Capital Corp.
| Issuer: | Ivy Hill Middle Market Credit Fund XII Ltd./Ivy Hill Middle Market Credit Fund XII LLC
|
| Amount: | $381.3 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | July 7, 2029
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities America LLC
|
| Manager: | Ivy Hill Asset Management LP
|
| Call feature: | June 7, 2019
|
| Pricing date: | April 28
|
| Settlement date: | June 7
|
|
|
| Class A-1a notes
|
| Amount: | $159.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $53 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $49.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Non-rated
|
|
|
| Class B notes
|
| Amount: | $30.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $22.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 425 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $29.7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 790 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $36.3 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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