Ivy Hill Asset Management offers $1 billion notes due 2030 in new middle-market CLO

By Cristal Cody

Tupelo, Miss., April 2 – Ivy Hill Asset Management LP is offering $1,009,500,000 of notes due April 18, 2030 in the Ivy Hill Middle Market Credit Fund XIV Ltd./Ivy Hill Middle Market Credit Fund XIV LLC transaction, according to a market source.

The deal includes $560 million of class A-1 floating-rate notes (//AAA); $130 million of class A-2 floating-rate notes; $72.5 million of class B floating-rate notes; $62.5 million of class C floating-rate notes; $75 million of class D floating-rate notes and $109.5 million of subordinated notes.

Morgan Stanley & Co. LLC is the placement agent.

Ivy Hill Asset Management will manage the CLO, which has a two-year non-call period and a four-year reinvestment period.

The CLO is collateralized primarily by middle-market senior secured term loans, cash and eligible investments.

Proceeds from the deal will be used to purchase a portfolio of mainly senior secured middle-market loans.

Ivy Hill Asset Management is a New York-based portfolio company of Ares Capital Corp.

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